You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

SAN FRANCISCO, March 5, 2021 /PRNewswire/ --Eco, a digital wallet for saving and spending, today announced an investment round of over $26 million led by a16z Crypto, with participation from Founders Fund, Activant Capital, Coinbase Ventures, Slow Ventures, and more than one hundred others. This comes after Eco raised more than $8.5 million led by Expa and Pantera Capital. With Eco, users earn up to 5% annually on their deposits and also get 5% cashback on spending at major merchants. Eco is developing features to help users pay bills, send money to friends, and more all from the same, single wallet. Eco is particularly relevant today because for the first time since the 1970s, consumers are losing purchasing power by leaving money in their bank accounts. Because of thisjust like the 1970s when money market accounts and credit cards became mainstreameveryone is seeking alternatives to existing financial products. But today, there's a second trend at play: trust in institutions is plummeting. Not only is everyone looking for alternatives, but they are open to new ideas from non-institutional players. And last of all, innovation has dramatically accelerated in fintech, enabling new solutions to appear. "Eco is arriving at the moment we need it most existing financial infrastructure is failing us, and we deserve something better," said Andy Bromberg, CEO at Eco. "Eco puts your money back to work for you. It's not a bank, checking account, or credit card we're building something better than all of those combined." Eco is now focused on expanding the benefits offered to users, meeting the increasing demand for the product, and building towards the future of novel, aligned financial services business models. To learn more about Eco, visit https://www.eco.com About EcoEco is a digital wallet for saving and spending. It replaces checking accounts, credit cards, and more with a single product that rewards you every time you save, spend, or send your money. Eco leverages a novel business model aligned with customers, unlike anything else in the market. Eco's backers include a16z Crypto, Founders Fund, Expa, Activant Capital, Coinbase Ventures, Slow Ventures, and over one hundred others. To learn more, visit https://www.eco.com SOURCE Eco Related Links https://eco.com

Answer: Eco Raises $26 Million Led by a16z Crypto to Replace Checking Accounts, Credit Cards, and More Eco rewards users for every action and prepares for scale with a waitlist of more than 140,000 people