Pesto Analysis
What is Pesto?
Pesto issues a Mastercard credit card secured by valuables such as jewelry, diamonds, gemstones, watches, or cash. The company says it launched the first asset-backed credit card and positions the product as an alternative to pawn loans for borrowers with limited credit access. Deposit accounts and cards are issued by Continental Bank, and the site lists a variable 29.99% APR as of December 19, 2024.
Location
69 Regal Building, Hanuman Area Road, Connaught Place, New Delhi 110001, India
Employees
1-10
Founded
2020
Product Features & Capabilities
- Secured credit card programs, asset-backed credit cards, mobile banking solutions, tailored integration for credit card programs, KYC services, fraud monitoring, compliance management, custom branding options, end-to-end support for product design and launch.
Pricing
- Annual Fee: $39.96 ($3.33 monthly fee)
- Sign-up Bonus: None
- Rewards: Unlimited 1% cash back on purchases and cash advances
- APR: 29.99% Variable
HQ Full Address
69 Regal Building, Hanuman Area Road, Connaught Place, New Delhi 110001, India
Investors
- Activant Capital
- Plural
- Sozo Ventures
- Commerce Ventures
- NJF Capital
- Great Oaks Venture Capital
- OEL Ventures
- Z47
- Caffeinated Capital
Market Focus
Pesto primarily focuses on the technology education industry, specifically enabling software engineering talent to secure international tech careers through remote job opportunities.
Business Model
Asset-backed credit cards for underbanked consumers; revenue from interest on loans.
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