Indonesian fintech startup Pebble announced raising $6.2 million in its latest funding round backed by several venture investors.
The startup, which launched the first app that pays users to save, emend, and send money in one digital wallet, said the round was backed by Y Combinator, East Ventures, Lightshed Ventures, LD Capital, Soma Capital, Cadenza Capital, Eniac Ventures, and Global Founders Capital.
NFL superstar Odell Beckham Jr, lead singer of Muse Matthew Bellamy, CEO of Quantstamp Richard Ma, and CEO of Alt Leore Avidar also participated in the funding round.
“Pebble was founded to introduce a new standard to personal finance,” says Sahil Phadnis, co-founder and Chief Technology Officer of Pebble. Through Pebble’s digital wallet, users can earn 5% Annual Percentage Yield Rewards on their money and unlimited 5% cashback at their 55 partnered merchants. These include Amazon, Domino’s, AirBnB, Adidas, and more. Additionally, they’ve collaborated with Mastercard to release a sleek debit card for each user.
Pebble offers the solution that makes these rewards possible. When users deposit money into Pebble, Pebble converts it into a US dollar-denominated blockchain-based currency called USDC. Then, Pebble will lend it out to regulated financial institutions.
USDC technology empowers the fastest and cheapest global transactions, so many of the world’s largest financial institutions are willing to pay more to access stablecoins.
There, users can accumulate the first open rewards currency (aptly named Pebbles) for helping introduce the blockchain economy to the non-crypto world.
These rewards are all accessible without users having to understand the complexities of crypto. Pebble believes that the mass adoption of blockchain technology will only happen if users see the benefits of crypto before judging the stereotypes of crypto.
Although the Pebble App is currently only available in the United States, Aaron Bai, co-founder and Chief Executive Officer of Pebble states that “Pebble’s community has brought together people around the world who are passionate about building a default-global financial system on the blockchain.”