Cashback-Crazed Enzo Launches Deposit Accounts
Enzo Wealth, the fintech launching a neobank-esque software through Blue Ridge Bank finally came out with their initial account offerings to a select group among the 35,000 people on the account holder’s waitlist. Since the announcement, the company has marketed themselves by offering attractive cashback and equity-based incentives to account holders. According to an email sent out to the selected invitees by CEO Jeremy Shoykhet, the company is still working out the kinks to their offerings.
“We launched the Enzo Early Access Beta a few weeks ago, and are thrilled with the progress so far,” said Shoykhet. “We’ve seen over one-thousand customers join the early access beta. We’ve also been excited to see the uptake in our Rent Payment Cashback Program, with a current run-rate of $1mm of rent payments we will be processing annually.”
Invited waitlist members who sign up for the trial will not only receive a $50 bonus, but any money they spend that may qualify for cashback in the future will be retroactively funded to accounts, should money spent now be qualified for cashback at a later date.
The trial period includes the originally offered 1.5% cashback on rent payments, but with a stipulation during the trial period. Enzo customers seeking cashback on rent must pay rent via ACH from the landlord’s payment portal. According to an email sent by Shoyket to invitees, Enzo account holders will be able to receive the cashback on rent regardless of their payment method as launch progresses.
Enzo caught eyes when it offered wild cashback offerings like 10% on Ubers, 5% on DoorDash, and 1.25% on pretty much everything else. Enzo accounts also pay out a 0.50% APY, which the company claims will be increased as their capabilities allow.
Shoykhet hinted at Enzo continuing to grow as the trial period takes stride. “We are excited to continue growing the platform, adding more features, and inviting more folks to use the product.”Last modified: January 4, 2022
Adam Zaki was a Reporter at deBanked.