By Zoran Temelkov June, 2022
The Indonesian fintech startup Pebble raises $6.2 million in seed round financing. The funding round receives support from a number of investors such as Y Combinator, East Ventures, Orange DAO, Cadenza Capital, and Lightshed Ventures. Aside from Venture capitalists, Angel investors also participated in the seed round. Some of them are Odell Beckham Jr. and Richard Ma.
The funds will be used to speed up the company’s growth and expand its service offerings in other markets.
Pebble is a type of web app that enables users to save, send or spend money all in one balance. This fintech startup offers its users an opportunity to earn 5% APY rewards on their balance without any specific account requirements. Pebble clients also have the opportunity to receive a 5% cashback reward from merchant partners.
When customers deposit fiat money on their account, they are converted into USDTC stable coins denominated in US dollars. Afterward, Pebble lends the funds to specific financial institutions through overcollateralized loans.