A Novel Approach to Mortgage Loans and Credit Cards
In an exciting development in the fintech sector, Mesa has emerged from stealth mode with a whopping $9.2 million in seed capital. This innovative company is poised to revolutionize the way homeowners manage their expenses by offering cash back and rewards on all spending done on the home, including mortgage payments.
The Unique Proposition of Mesa
Mesa’s founders have come up with an ingenious idea – to offer a credit-card-style 1% cash back on mortgage loans. This means that homeowners can earn cash back rewards on their loan repayments, making their mortgage more affordable and manageable. In addition to this innovative approach, Mesa is also launching a points-rewards-type credit card geared towards homeowners.
The Credit Card: A Game-Changer for Homeowners
Mesa’s credit card allows homeowners to accrue points for paying their mortgage and other homeowner-related expenses such as HOA fees, utilities, repairs, home insurance, and day-to-day purchases like gas or groceries. This standard unsecured credit card is not related to the home itself and carries a typical annual percentage rate of 20-21%. The spending limit of the card is determined by the credit history of the applicant.
How Mesa’s Credit Card Works
Mesa’s founder, Kelley Halpin, explains that their credit card offers rewards on ordinary home-owning expenses. For example, homeowners can earn:
- 1 point for every dollar spent on mortgage payments
- 2x points for gas and groceries
- 3x points for home services category
These points can be redeemed in various ways, including cash back, gifts, travel booked through their travel portal, or to offset monthly mortgage payments.
Benefits for Cardholders
In addition to the rewards program, Mesa plans to offer benefits to cardholders such as discounts to home improvement merchants on its network, or discounts to other items prized by homeowners, such as memberships to warehouse wholesalers like Costco. Homeowners will also get access to premium benefits, including big box memberships and credits towards home maintenance.
A Slow Launch, But Momentum Building
Although Mesa has been operating in stealth mode for a while, it’s finally out of the shadows with an invite-only waitlist. The company is slow to share user or revenue numbers but plans to slowly alert people on its waitlist now that it’s publicly announced. Despite the slow launch, Mesa’s founders are confident about their product and have a strong team behind them.
The Founders: A Combination of Startup Expertise and Fintech Background
Mesa’s founder, Kelley Halpin, comes from Uber during its startup years and has founded three startups before selling one for an undisclosed sum. Co-founder Peyton Hayslette worked at several fintech companies, including wellness credit card startup Paceline. The company currently employs 13 people with backgrounds in top companies like Robinhood, Block, Capital One, and American Express.
Funding and Future Plans
Mesa has received $9.2 million in seed capital to date. With this funding, the company plans to expand its team and marketing efforts to reach more homeowners. The future looks bright for Mesa as it continues to innovate and disrupt the mortgage loan and credit card industry.
Conclusion
Mesa is a revolutionary fintech company that’s changing the way homeowners manage their expenses. With its unique approach to cash back and rewards on mortgage loans and credit cards, Mesa is poised to make a significant impact in the market. As the company continues to grow and innovate, it will be exciting to see how it shapes the future of the mortgage loan and credit card industry.
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Stay Updated on Mesa’s Progress
To stay up-to-date with the latest news and developments from Mesa, follow their website or social media channels. With its innovative approach to mortgage loans and credit cards, Mesa is sure to make a significant impact in the fintech sector.
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