back Back

Pebble announced a $6.2m fund raise and launched a financial app built to replace a bank account

By Joy Dumasia

May 24, 2022

  • Financial Application
  • FinTech
  • Funding Round
Share

Pebble has launched the first financial app that pays you to save, spend, and send your money all in one balance. With the rollout of the product, Pebble concurrently announced their $6.2 million raise to ignite the growth of The Money Revolution.

Pebble’s mission has attracted the support of Y Combinator, Lightshed Ventures, Soma Capital, Eniac Ventures, Global Founders Capital, Montage Ventures, East Ventures, Cadenza Capital, The House Fund, Spice Capital, Helium-3 Ventures, and Bluewatch Ventures, as well as NFL superstar Odell Beckham Jr, lead singer of Muse Matthew Bellamy, CEO of Quantstamp Richard Ma, CEO of Nurx Varsha Rao, and CEO of Alt Leore Avidar.

Contrary to the rapid rise of technology, banks seem to disregard keeping up with modern times. Why are we making 1 cent in interest every month? Why don’t we qualify for any substantial cash back unless we pay a fee? The way we interact with our everyday finances still feels extremely archaic.

“Pebble was founded to introduce a new standard to personal finance,” says Co-Founder and CTO Sahil Phadnis. One of their biggest advantages is that Pebble isn’t a bank. They’re something better. Through Pebble’s digital wallet, users can earn 5% APY rewards on their money and unlimited 5% cashback at their 56 partnered merchants. These include Amazon, Uber, AirBnB, Adidas, Chipotle, and more. If you’re used to getting cheated by banks, you’re probably wondering what’s going on behind the scenes to make these rewards possible?

When you deposit money into Pebble, they convert it into a US dollar-denominated blockchain-based currency called USDC. Then, they lend it out to highly regulated financial institutions. USDC, created by Circle and Coinbase, is asset-backed 1 to 1, meaning for every USDC, there is a dollar equivalent in its reserves. USDC not only has the majority of their reserves managed by Blackrock but has also passed every monthly audit from Granton Thorton. USDC’s technology empowers the fastest and cheapest global transactions, so many of the world’s largest financial institutions are willing to pay more to access them.

Pebble also includes a full suite of features that innovates on daily financial needs. Co-founder and CEO Aaron Bai states, “There’s not a single feature in traditional banking that reflects the digital age we’re in. To empower people’s money to truly work for them, we needed to build a brand new foundation from the ground up.” Within the app, you can seamlessly pay, track, and manage your bills just by snapping a picture of it. You will receive a debit card made in collaboration with Mastercard with full budgeting controls. And Pebble supports full and partial payroll connections, so you can watch your paychecks grow in the Pebble ecosystem.

Lastly, you will be rewarded with their unique loyalty points (called Pebbles) for everything you do. While there will not be more information released on Pebbles at this time, they are the key to aligning the incentives of their team, investors, partners, merchants, and you to build the new global economy on top of blockchain. “The mantra here is that it pays to be early,” says Aaron.

Previous Article

May 23, 2022

CSI signed 22 new community banks to its NuPoint Core Platform

Read More
Next Article

May 24, 2022

equipifi raises $12m to power financial institutions with Buy Now Pay Later

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Financial Application

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023