US-based digital wallet developer Eco has raised $26m in funding from a consortium including Coinbase Ventures, the corporate venturing arm of soon-to-be-listed cryptocurrency exchange provider Coinbase.
Venture capital firm Andreessen Horowitz’s $300m a16z Crypto fund led the round with participation from Founders Fund, Activant Capital, Slow Ventures, Tribe Capital, Valor Capital Group and more than 100 other funds and angel investors.
Eco has built a digital wallet designed to replace checking accounts and credit cards, allowing users to save and spend money, pay bills and transfer money to friends.
The service enables users to earn up to 5% interest annually on deposits and get up to 5% cashback on purchases that can be redeemed with partners such as Amazon or Uber.
The latest round took Eco’s total funding to more than $35m and followed an $8.5m round co-led by Expa and Pantera Capital at an undisclosed date.
