Pesto adopts a mortgage lending policy, announces the launch of its first asset-backed credit card and a new financing round

Pesto adopts a mortgage lending policy, announces the launch of its first asset-backed credit card and a new financing round

Remove the pesto 11 million dollars From Activant Capital, Plural and others to provide affordable alternatives to underbanked Americans

San Francisco, May 25, 2023 /PRNewswire/ — Pesto announces the launch of its first product, Pesto MasterCard® Issued by Continental Bank, it is the first credit card that enables customers to use valuables as collateral to secure the credit card. Activant Capital, Plural and others invested in Pesto to build a solution for Americans that provides a path to rebuild or create credit at lower interest rates.

Consumers send Pesto their assets and are provided with a credit card based on their value, regardless of credit score. Over time, cardholders who don’t often qualify for an unsecured credit card have the ability to increase their credit score and eventually qualify for one. pesto mastercard® They offer rates similar to existing credit cards, much lower than what mortgage and payday loan customers typically pay.

James SavoldelliFounder and CEO of Pesto commented: “Our first product is the Pesto Mastercard®Offers interest rates only A small portion of today’s alternatives, often 90% less than many equivalent mortgage loans. It is a paradigm shift in the credit card market, with the potential to truly democratize credit. Pesto’s mission is to help all Americans find an alternative to high-interest rate loans by providing a straightforward way to secure liquidity and build credit with their assets without having to sell them.

A pawn shop market was established in the United States near 9.2 billion US dollars in interest income in 2019. more 6000000 Underbanked Americans currently rely on high-interest rate loans to provide cash and liquidity, with average interest rates exceeding 120%. Pesto was founded in 2020 to provide a solution for Americans that provides a path to rebuild or establish credit at lower rates.

“Current loan products do not do enough to help these consumers become more financially free,” he said. Nathan Morgan, founder and CEO of Continental Bank. “We are excited to support Pesto’s mission to make lending more affordable, safe and accessible.

Savoldelli founded the company after studying financial inclusion and how consumers with few options use pawnshops for frequent borrowing, not just emergencies. He spent some time working in a pawnshop to understand the industry firsthand, which led him to the idea of ​​an asset-backed credit card.

Pesto intends to use the financing to expand its customer base throughout the United States, with an initial focus on… Atlanta And Angels. The company has raised funding from prominent investors, including; Activant Capital, Plural, Sozo Ventures, Commerce Ventures, NJF Capital, Soma Capital, NOMO Ventures, Commerce Ventures, Human Capital, OVO Fund, OEL Ventures, Core Innovation Capital, Great Oaks VC, and Y Combinator.

Pesto makes it easy and safe for people to apply and submit their assets for approval, and consumers can learn more at www.getpesto.com Pesto will also continue to build its products to enable customers to leverage their assets for credit, thus building a path to a more financially secure future.

“Millions of Americans are defaulting on predatory loans as inflation drives up household expenses and banks tighten lending to low FICO clients. We’re excited to support the Pesto team on their mission to fix America’s debt trap pandemic and provide a path to a safer system,” said Credit-Backed Financial Future David YangPartner at Activant Capital.

“Access to credit remains one of the most glaring and unnecessary sources of inequality,” commented Khaled Helewi, co-founder of Plural. “The lack of federal regulation and our outdated assessment of creditworthiness leaves the most vulnerable populations prey to predatory lenders.” Pesto’s innovation “can be the lever.” “It can help lift millions of people out of systemic and unnecessary financial hardship, and James has the dedication needed to scale its impact.”

To learn more, consumers can visit www.getpesto.com.

About pesto

Pesto A San Francisco The fintech company has launched the next generation of asset-backed secured credit card, Pesto Mastercard® In 2023. With Pesto MasterCard®Americans can secure liquidity and build credit through their assets – without having to sell them. Founded in 2020, Pesto is backed by major investors, including Activant Capital and Plural. pesto mastercard® Issued by Continental Bank.

For more information, please visit the website www.getpesto.com Or follow Pesto on LinkedIn, TwitterFacebook, and Instagram.

About active capital

Activant is a global investment firm that partners with high-growth companies that are changing the way the world makes, moves and sells. Founded in 2015, Activant has invested in over 60 category-specific companies such as Deliverr (acquired by Shopify), Hybris (acquired by SAP), Bolt, Better, Celonis, Sardine, and many more. The company has $1.5 billion Assets under management, headquartered in Greenwich, CT With offices in New York City, BerlinAnd Cape town.

Media contact: (email protected)

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