Paceline is building out a full stack platform that will eventually have credit card, banking and insurance products.
Here’s how it works: The platform tracks physical activity through wearables and also leverages customer spending data–accessed through a linked credit card–to curate rewards. Paceline uses this data to build financial products, starting with a health and wellness credit card and life insurance products, to change the behavioural habits of its members.
The seed round was co-led by Montage Ventures and Propel Venture Partners, with participation from Northwestern Mutual and BlackRock’s Mark McCombe as an angel investor. This is the startup’s first institutional funding since the company was founded by Lieginger in 2019.
Funds will be used for product and engineering, as well as to build out the credit card and insurance products that will launch in 2021.
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