In 1313–14, Pessagno received on behalf of Edward II the loans advanced by King Philip IV of France and Pope Clement V. He himself then loaned the king £21,000. These monies were used to finance the invasion of Scotland in June 1314. Pessagno also provided more than half the supplies used by the army. For his part in the Scottish war, Edward II knighted him on 1 November 1315.