Pebble FinTech app now offers customers unlimited 5% cash back
By Edlyn Cardoza
Pebble — the financial app that pays users to save and spend their money — recently announced that they’ll be offering unlimited 5% cash back at more than 100 major global brands.
Merchant partners, including Airbnb, Amazon, Chipotle, Uber, and Whole Foods, will now allow their customers to pay with the Pebble digital wallet and receive unlimited 5% cash back on their purchases. By partnering with the financial app, retailers are empowered to bypass conventional credit and debit systems, which charge a hefty fee for payment services. Those cost savings are then passed on to Pebble customers.
“These partnerships represent the latest milestone for Pebble following our $6.2 million seed round,” said Pebble Co-Founder and CEO Aaron Bai. “All of us at Pebble are gratified that more and more of the world’s greatest brands are joining our ground-breaking approach to consumer finance, helping accelerate the growth and scale of operations.”
Unlike traditional cashback accounts, the financial app users will not need to meet credit or account requirements to begin earning. Additionally, all the cashback will be instantly deposited into user accounts in the form of cash – not points. Finally, users never have to pay fees to sign-up or use their Pebble account. With this unique approach, the Company aims to expand access to such financial rewards to anyone who wants greater control over their money.
In addition to cashback opportunities, Pebble users also earn 5% APY rewards through using the Company app to store funds. Pebble can offer attractive rates of return because it converts cash deposits into a US dollar-denominated blockchain-based currency called USDC, which is then lent to 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.
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