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May 24, 2022 04:05 pm

Founder Alleges That YC-Backed Fintech Startup is 'Copy-and-Pasting' Its Business

A new startup lifting elements of competing businesses is far from unusual in today's venture world, but sometimes competing founders don't find the imitation all that flattering. From a report: Andy Bromberg, CEO of the a16z-backed startup Eco, is claiming that Pebble, another fintech startup that came out of stealth this morning, "plagiarized" Eco's materials and business model. Bromberg posted a Twitter thread this afternoon saying Pebble engaged in "copy-and-pasting, immaturity, lying, and espionage." In the thread, Bromberg detailed the background behind his claims, and he also spoke to TechCrunch about the allegations. Bromberg claims the Pebble co-founders, CEO Aaron Bai and CTO Sahil Phadnis, impersonated Y Combinator investors to get access to Eco's waitlist. He also alleges that Phadnis asked detailed questions about Eco's backend under the guise of looking for employment and that multiple aspects of Pebble's product and marketing language are essentially copy-pasted from Eco. TechCrunch covered the news earlier this week that Pebble, which participated in Y Combinator's Winter 2022 cohort, raised $6.2 million in seed funding from YC itself alongside LightShed Ventures, Eniac Ventures, Global Founders Capital, Montage Ventures, Soma Capital and angel investors. On its website, Pebble, founded last year, calls itself "the first app that pays you to save, spend, and send your money -- all in one balance." It launched with two core products -- a 5% APY interest offering for customer cash deposits, and a 5% cash back offering when customers spend at its partner merchants, which include Uber, Amazon and Chipotle, Pebble CEO Aaron Bai said. The former product is based on the model of taking in customer funds, converting them to stablecoins, and lending them out to institutions, Bai explained at the time. Bromberg subsequently told TechCrunch that both core products were based on two of Eco's core offerings.

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