What the Startup App Does
Eco is a personal finance app that consolidates all the most essential aspects of personal finance and cuts out the unnecessary bits to deliver the consumer more benefits like earning up to 5% annually on deposits and getting 5% cashback on spending at Amazon, Uber, and more.
The company says that personal finance has become inefficient and unfriendly to those who want to have control of their money.
“Today, more parties than you can imagine are involved in every financial transaction you make,” the personal finance app startup company wrote in a blog post announcing the launch of the business. “Each one of those parties — banks, credit cards, processors, and more — takes fees every step of the way. Plus, banks have convinced you to hold your money in a dozen different places, charging you even more fees on top of that.”
The personal finance app startup company also laid out the way that it hopes to change things.
“It’s impossible to fix these problems within the existing paradigm,” the company wrote. “The only way out is to build a new system. By cutting out all those inefficiencies, we’re able to build a single wallet where all your money stays where it belongs: in your pocket.”
The Value of the Company
Investors have taken kindly to this idea and have placed a high value on Eco.
The app startup has raised $35 million in company funding from investment firms like a16z Crypto, Founders Fund, Activant Capital, Slow Ventures, Coinbase Ventures, Tribe Capital, Valor Capital Group, Celo Foundation, Collab + Currency, and others.
Eco said that the money would assist them in bringing about changes in the personal finance business.
“While improving existing systems is certainly a technological and economic challenge, it’s also a social challenge first,” the personal finance startup business wrote in a blog post. “Our priority is to build a product that offers you dramatic benefits and improves your life — and only after that does anything else matter.”
The personal finance software business is growing at a rate of nearly 6% annually from 2020 to 2027 and is expected to reach a total business valuation of $1.57 billion by the end of that time, which bodes well for Eco as it stands to become an important new voice in the personal finance market.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.