Zero, a new mobile banking experience that combines the best features of debit and credit cards and offers up to 3% cash back, announced today that it has raised $8.5 million in funding, led by ENIAC Ventures. Other investors include New Enterprise Associates, Nyca Partners, Lightbank, and Middleland Capital.

Zero wants to replace your existing checking, savings, debit and credit card accounts with a rewards-rich, unified banking experience powered by a mobile app and a Visa card called Zerocard. The app allows Zerocard to act like a debit card, where deposits, purchases, and transfers appear in one place in the app with a real-time, net balance. Zerocard processes on credit card networks, thus enabling Zero to pay customers unlimited cash back at a flat 1.0% to 3.0% rate on all spending regardless of category. Zero also pays customers a high annual percentage on their average daily net balance, competitive with the best interest rates on deposits paid by leading banks, and charges none of the most annoying fees of traditional banks. Almost 150,000 people have signed up for the Zero waitlist.