Neuberger Berman fund creates credit facility to drive responsible, attainable spending
SAN FRANCISCO, CA — February 4, 2020 — Zero, the technology-driven banking app helping consumers avoid overspending, today announced it has secured a $100M revolving line of credit facility from a fund managed by Neuberger Berman, a private, independent, employee-owned investment manager. Zero will leverage the credit facility to drive industry-leading value to its customers for even more seamless, transparent banking experiences.
"Demonstrating the success of the Debit-style Experience, the credit facility is an extension of the industry’s continued desire to re-imagine personal spending for new and current customers," said Joel Washington, Founder and Chief Operating Officer of Zero. “This expanded credit facility provided by Neuberger Berman will allow Zero to propel its mission of providing users with one of the best credit card offerings on the market.”
“We are happy to execute this facility and partner with Zero,” said Peter Sterling, Head of Specialty Finance, Neuberger Berman. “We’re excited to see Zero’s continued growth.”
Launched to the public in July, Zero offers an industry-first Debit-style Experience, helping consumers avoid overspending while earning up to 3% cash back on all purchases. To start using Zero, consumers can download the Zero app on iOS or Android and complete an application. Applicants approved for a Zerocard can then enable Debit-style Experience to discourage overspending and begin using their card to earn rewards on qualified purchases.
Additional media assets can be found in this Dropbox.
Zero is a financial technology company that enables consumers to experience the things they like about debit cards – such as having a clear idea of how much money they have to spend – with the cash back and flexibility of a credit card. Zero’s beautifully designed credit card, Zerocard, doesn't have any of the annoying and unnecessary fees, such as annual membership fees or foreign transaction fees, that you've come to expect from other cards. To keep up with Zero, get in touch on Twitter, Facebook, Instagram, or visit zero.app, or view the cardholder agreement at zero.app/zca. Zerocard is issued by WebBank, Member FDIC, pursuant to a license from Mastercard International.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s diverse team has 2,200 professionals. For six consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm was awarded an A+ in every category in the latest 2019 PRI report for our approach to ESG integration across asset classes. The firm manages $356 billion in client assets as of December 31, 2019. For more information, please visit our website at www.nb.com.