Showing accelerating growth for Pebble — a fintech startup that pays users to save and spend their money.
Pebble the financial app that pays users to save and spend their money announced that they’ll be offering unlimited 5% cash back at more than 100 major global brands.
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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 Pebble, retailers are empowered to bypass conventional credit and debit systems, which charge a hefty fee for payment services. Those cost savings are then passed onto 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 cash back accounts, Pebble users will not need to meet credit or account requirements to begin earning. Additionally, all the cash back 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, Pebble aims to expand the access of such financial rewards to anyone who would like to have greater control over their money.
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In addition to cash back opportunities, Pebble users also earn 5% APY rewards through using the Pebble app to store funds. Pebble is able to 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.
Given this approach, Pebble stands at the vanguard of the fintech revolution, providing people with the tools they need to take control of their finances and earn more from their money. As it expands its innovative platform, Pebble looks forward to partnering with other leading global brands to provide savvy consumers with new ways to generate rewards that puts cash back into their pockets.
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