East Ventures backs $6.2m funding in Indonesian fintech firm Pebble

Co-Founders of Pebble, Aaron Bai (Chief Executive Officer) and Sahil Phadnis (Chief Technology Officer)

Pebble, an Indonesian fintech startup, has announced raising $6.2 million in a funding round backed by a host of venture capital investors, including Indonesia-focused East Ventures.

The startup, which operates an app that lets users save, spend, and send money in one digital wallet, said the funding round was also participated by Y Combinator, Lightshed Ventures, LD Capital, Soma Capital, Cadenza Capital, Eniac Ventures, and Global Founders Capital.

NFL superstars Odell Beckham Jr, lead singer of Muse Matthew Bellamy, CEO of Quantstamp Richard Ma, and CE of alt Leore Avidar also invested in the round.

When users deposit money into Pebble, Pebble converts it into a US dollar-denominated blockchain-based currency called USDC. The startup will then lend it out to regulated financial institutions, which are willing to pay more to access stablecoins, per the announcement.

Users can accumulate the first open reward currency for helping introduce the blockchain economy to the non-crypto world. The process does not need users to understand the complexities of crypto, Pebble said.

“Pebble’s community has brought together people around the world who are passionate about building a default-global financial system on the blockchain,” said co-founder and CEO Aaron Bai.

The startup said it will use the fresh capital for its epansion into new global markets. It also aims to relase its app throughout Southeast Asia by the end of 2022.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

This is your last free story for the month. Register to continue reading our content