Money & payments are due for an internet-age refresh. Eco enables that — from better payment products to better money itself.
Tweets by the Eco Association.
Oct 4, 2021 • 4 tweets • 1 min read
To understand Eco's Smart Money Promise, you need to understand why our financial system is an artifact of the past.
We call it the "Dumb Money” system.
Bank transactions aren't instantaneous b/c they're built on the ACH system—a system that predates the internet
The ACH system pools transactions, which then travel institution by institution
Payments travel in batches, just like the mail, passing through numerous intermediaries
Jul 27, 2021 • 9 tweets • 6 min read
📰💰🗞Big news: @ActivantCapital and @L_Catterton are co-leading a new $60 million fundraising round in @eco, joined by existing investors like @a16z Crypto and dozens of newcomers including @lightspeedvp, LionTree Partners and Valor Equity Partners. eco.com/blog/time-for-…
This new capital following our $26 million fundraise announced in March validates the early traction we’ve seen for our all-in-one digital wallet and the entirely new, and better, financial services experience we’re providing to users through our #smartmoney promise.
Jun 23, 2021 • 6 tweets • 2 min read
If you've been following Eco for a while, you know that the way our money moves is, in a word, broken.
But what about new tech like Zelle? Neobanks? Or other fintech apps?
Don't they solve the problem?
Nope.
We'll explain below:
Let's talk about Zelle.
It's a group of the biggest banks sharing "risk" info with each other.
For each transaction, they agree on whether it's "risky" or not.
Not risky? They credit/debit the account instantly.
But they still use the inefficient ACH system to settle accounts
Jun 22, 2021 • 4 tweets • 1 min read
Before Uber, the personal transportation industry was broken.
But the system served people well *enough* that no one knew to create anything better.
Today, 11 years after Travis Kalanick and Garrett Camp founded Uber, we can barely imagine life without it.
