Pesto

Pesto offers collateralized credit cards to retail customers. It markets itself as an alternative to pawn loans, as customers can obtain credit lines based on the value of their personal assets pledged. This allows customers with poor or no credit history to obtain credit cards. The company claims to charge interest rates similar to other existing credit cards and charges no interest if payments are made in full and on time.

Key customers and partnerships

Pesto does not have its own banking license and offers its credit cards in partnership with Continental Bank (member of FDIC).

Fundings and financials

In May 2023, the company raised USD 11 million in funding , which saw participation from Activant Capital, Plural, and Sozo Ventures, among others. It had earmarked the fresh funds toward expanding its customer base throughout the US, initially emphasizing across Atlanta and Los Angeles.