“Eco is not a bank.” – a recurring message one sees on the website of the three-year-old startup building a personal finance app for saving and spending money. Yet Eco takes in deposits, lends them to reap high yields and offers customers savings accounts paying 2.5-5% interest. It also doesn’t want to position itself as a cryptocurrency business, yet its revenue model directly depends on the volatile market.
“Sometimes the best way to explain what you are is to explain what you’re not. And when you’re building something new, like what Eco is, there aren’t always the best words for it,” says Andy Bromberg, Eco’s chief executive.