Wellness platform Paceline raises $5 million

San Francisco-based Paceline , a health and wellness platform that rewards physical activity with financial benefits, announced it has raised $5 million in seed funding. 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.

Founded in 2019 by Joel Lieginger, 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 behavioral habits of its members.

“With Paceline, our mission is to align the worlds of fitness and financial services so that we all can see the direct benefit of this ecosystem. The more we move, the healthier we become, the more rewards we see.”

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.