Enzo, a spending and wealth optimization platform, today announced its $3 million seed funding round led by White Bay Group, a growth equity firm that is focused on financial services and FinTech. The seed funding round is a vote of confidence in Enzo’s vision to bring the quality of products and services normally reserved for high-net worth clients to a younger, digitally-native audience with a culture-forward flair. Everything about Enzo, from its limited edition card designs to its rewards, is designed to appeal to the next generation of wealth.
Enzo empowers its users with a spending account featuring cash back* on the purchases that matter most to them, including an unheard-of 1.5% cash back on rent payments (even by ACH), 10% on Uber, 5% on DoorDash, and 1.25% on other purchases. No confusing rules, no rotating categories, just straight cash back on some of millennials’ major monthly expenses.
Enzo will also feature a competitive high-yield checking account, offering 0.5% APY, financial planning and wealth management advice, $0 fee trading and investing products designed to build wealth, and concierge customer service. Enzo has already attracted a wait list of over 20,000 for its app, which is slated to launch this fall. Related to the investment, Enzo co-founder and board member, Uri Cohen, also acquired a nationally-chartered bank in Virginia, and Enzo intends to partner with Mr. Cohen to continue fueling the growth and developing innovative financial products.
Create Owners, Not Customers
In a sign of its commitment to helping its customers build wealth, Enzo is granting equity to early members of the platform. This not only helps ensure Enzo and its members’ interests are aligned, but allows them to participate in the upside from the business they’re choosing to be a member of and believe in.
“The boom in consumer fintech has done a great job of ‘democratizing’ access to tools and products in a piecemeal fashion — but not necessarily in helping consumers leverage that to achieve what they care about: building real wealth,” said Jeremy Shoykhet, CEO of Enzo. “We’re looking to change that. We started Enzo because we kept seeing our friends and colleagues — smart, successful people — make the same money mistakes that got in the way of achieving their financial goals.”
“Enzo offers a unique product designed to encourage behavior that leads to wealth building, rather than encouraging excessive spending, borrowing, or trading,” said Uri Cohen, board member and founder at White Bay Group. “Enzo’s equity program is a novel approach aligned with its mission of helping its members build long-term wealth.”