Pebble raises $6.2M from Y Combinator and other investors

Pebble, a fintech startup whose crypto app seeks to deliver a couple of “cash revolution” by paying its customers to avoid wasting, spend and ship cash, has introduced a $6.2 million seed funding spherical.

The platform’s financing spherical attracted investments from main enterprise companies, together with Y Combinator, the monetary startup mentioned on Monday.

Others to again Pebble’s mission are Lightshed Ventures, Soma Capital, Montage Ventures, Eniac Ventures, World Founders Capital, and East Ventures.

Angel buyers who joined the spherical included Nationwide Soccer League (NFL) star Odell Beckham Jr, Quantstamp CEO Richard Ma and Muse band’s lead singer Matthew Bellamy.

5% APY curiosity and 5% cashback

Pebble affords its clients a financial savings account by which they will earn 5% in curiosity. What occurs is that the app converts customers’ fiat deposits into the stablecoin USD Coin (USDC) after which lends the funds to regulated establishments. 

The debtors pay a fee to entry the loans, that are over-collateralized by 150% and based on the startup, all of the processes are off-chain.

Aside from the 5% APY rewards, Pebble clients additionally get pleasure from a 5% cashback program, which is open to all transactions recorded throughout 56 companion retailers. A few of the massive names on this program embrace Amazon, Uber, Chipotle, and Airbnb.

Different options accessible with the app embrace payroll connection and invoice administration. Customers additionally profit from versatile and seamless performance by way of cell entry.

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