Zero, a mobile banking startup, announced it has raised a $2.5 million in seed round funding led by ENIAC Ventures, with New Enterprise Associates, Nyca Partners, Lightbank and Middleland Capital, according to a press release.

Zero's mobile banking experience is based on a mobile app and the Zerocard, which is a Visa-branded prepaid debit card that earns users cash rewards on purchases. The company will also give Zero users higher interest on deposits and said in the announcement it not apply fees that banks typically charge.

"Many people don't want to take on debt and don't have time to worry about multiple credit card statements, balances and due dates in the name of chasing down rewards, yet they still don't want to give up the opportunity to get cash back on their spending. Zero is the first modern banking experience to solve this," Zero Founder and CEO Bryce Galen said in a statement.

Constructed of solid metal, Zerocard comes in four levels, which vary in terms of the rewards percentages they earn and the minimum annual spending required to qualify. The entry-level Zerocard Quartz earns 1.0 percent, Zerocard Graphite earns 1.5 percent, Zerocard Magnesium earns 2.0 percent and Zerocard Carbon earns 3.0 percent cash back. Higher rewards card levels will require $25,000-to-$100,000 in annual spending to qualify, but Zero is waiving the minimum spending requirements for a limited time for people who sign up for early access at zerofinancial.com and successfully invite friends to also sign up.