The ethical fintech app Zero, which launched in January 2025, has ceased trading, leaving thousands of customers needing to withdraw their money urgently. The company cited an inability to raise further capital or find a buyer as the reason for its closure.
Up to 21,500 customers could be affected, including many who may be unaware they have funds in their Zero balance. The app is still available for download but new sign-ups have been suspended. According to Money Saving Expert, Zero is scheduled to close on March 31, but customers are urged to act immediately as access cannot be guaranteed until then.
For Zero Personal account holders, MSE recommends withdrawing all deposits ideally before March 31. Planet Safe Saver users face a March 26 deadline, after which remaining funds and interest will be moved to the main balance and then automatically transferred to a linked UK current account.
As Zero Personal is an e-money account, it cannot be switched to a new provider, and deposits are not covered by the Financial Services Compensation Scheme. Instead, funds are ringfenced with Transact Payments Limited, which will hold any remaining deposits for six years. Customers can contact zero@transactpay.com to access money after closure, but unclaimed sums will eventually be treated as dormant funds.
Zero, founded in Cardiff in 2023, offered a 'sustainable alternative to banking' with features like a GreenScore to track environmental impact. Fintech analyst Marcel Van Oost commented: 'A strong mission doesn’t replace fundamentals. Without scale, funding, and a path to profitability, even well-positioned propositions struggle to survive.'
