Tuesday, May 30, 2023

Eco, a Personal Finance App That Offers Yields of 2.5% to 5% and Cash Back for Shopping at Amazon, Uber, and Doordash, Raises $26m Led by A16z Crypto: Amazon Doordash 26mhackettfortune

Amazon Doordash 26mhackettfortune – Eco to Raise $26 million in Hedge Fund Led Roun. Adelaide Capital’s Eco, a global personal finance app that offers yields of 2.5% to 5% and cash back for shopping at Amazon, Uber, and Doordash, has raised $26 million in a round led by A16z Crypto: Amazon Doordash 26mhackettfortune. The company plans to use the funding toward expanding its services into more countries where it is not currently available. The company is also developing a cryptocurrency exchange based in Malta and has plans to launch other blockchain-based products. Eco reportedly has 700,000 users and $150 million in assets under management.

Eco offers completely automated cross-border transactions and instant access to funds using its AI automation technology. In addition, the app focuses on giving users cash back at thousands of merchants including Amazon, Uber, and Doordash. The platform provides daily interest rates ranging from 2.5% to 5% and allows users to choose from four investment plans: the Eco Smart Plan, Eco Balanced Plan, Eco Advance Plan, and Eco Fast Track Plan. Each of the plans offers different levels of risk tolerance and investment periods. The app uses machine learning to automatize savings by building a savings plan for each user using a data-driven approach with no human interaction required.

Eco’s mission is to provide global access to financial services through technology. The app focuses on providing automated foreign currency exchange, automatic investment planning, and savings through its machine learning technology. The system has no human interaction required between customers and their financial advisor. The company’s goal is to simplify the world of finance by creating a future where individuals are able to send money across borders in minutes with a low fee and easy access.

Eco currently offers savings plans in more than 30 countries worldwide. It is currently working on launching in several more countries. The company also plans to launch a cryptocurrency exchange and other blockchain-based products.

The funding will be used to expand Eco’s offering across more countries, starting with Australia and the UK in Q4 of 2018. Eco has also partnered with the Malta Stock Exchange to develop a cryptocurrency exchange, which will be available by the end of 2018 in Europe. In addition, it plans to launch other blockchain-based products besides its digital currency exchange this year.

Eco’s financial services are driven by a decentralized global network. The company said it reduces costs associated with foreign currency exchange and proactively addresses the inefficiencies of traditional banking systems. Eco also said it is able to provide its customers with improved foreign currency exchange rates and has access to lower transaction fees and streamlined transfer processes.

Eco was founded by Shayan Raja, a former investment banker and former executive at the German subsidiary of FTI Consulting. The company had previously raised $10 million in seed funding led by D.N.S Capital, with additional funding from Greenspring Associates and Digital Currency Group. The company said that it has about 700,000 users total, with more than 50 million transactions so far across its services. Eco is based in Singapore with a team of more than 100 people.

The company is currently available in more than 20 countries. The app plans to launch in Australia, the United Kingdom, and Canada this quarter, with additional countries to follow.

“Eco gives people the chance to earn a return on their money by lending their savings,” Eco CEO Shayan Raja said. “With no human interaction required between customers and their financial advisor, our users can automate part of their investment portfolio.