Zero Financial said it raised $20 million in Series A financing led by New Enterprise Associates, which will be used to help scale the business to enroll about 200,000 people that are currently on a waitlist for the mobile banking fintech.

The San Francisco-based fintech provides customers with a combination banking product that includes a rewards credit card, called Zero Card, and a FDIC-insured checking account called Zero Checking. Transactions are displayed through a mobile app that combines activity into a net number to provide a more comprehensive view of spending.

The Zerocard product is a World Mastercard that gives customers a higher level of cashback rewards when they refer friends to the service. For example, they start off at 1% cashback through a Quartz card and when they refer a friend to the card that increases to 1.5% Graphite card. The referral upgrades go up to Magnesium-level card with 2% cashback and Carbon-level card with 3% cashback as you successfully refer more friends.