- Petal — a bank card firm created to assist individuals construct credit score and spend responsibly — introduced just lately that it has raised a $55 million Collection C spherical of funding
Petal — a bank card firm created to assist individuals construct credit score and spend responsibly — introduced just lately that it has raised a $55 million Collection C spherical of funding. This funding spherical will allow Petal to double down on its mission to assist extra individuals entry sincere, easy, and accountable credit score.
This funding spherical was led by Valar Ventures. Different traders that participated on this spherical embrace Rosecliff Ventures, Afore Capital, RiverPark Ventures, Nice Oaks Enterprise Capital, GR Capital, Nelstone Ventures, Summary Ventures, Trip Ventures, The Gramercy Fund, Journey Collective, Starta Ventures, and NFL star Kelvin Beachum, Jr. Together with this spherical, Petal has now raised greater than $100 million in fairness funding.
Petal was established to assist individuals construct credit score (not debt) by offering entry to a high-quality Visa bank card that individuals can qualify for even when they’ve by no means used credit score earlier than. Relatively than relying solely on credit score scores, Petal has constructed proprietary know-how that additionally analyzes banking historical past—measuring creditworthiness based mostly on earnings, spending, and financial savings.
This course of — which is known as “Cash Scoring” — measures financial fundamentals that aren’t sometimes thought-about in a credit score approval determination. And this helps extra individuals qualify and allows Petal to make credit score accessible on phrases tailor-made to every individual’s distinctive monetary scenario.
After permitted, Petal supplies clients with all of the instruments they should construct credit score and thrive financially. And this features a trendy cell app the place members can automate funds, monitor their credit score scores, handle subscriptions, and keep on prime of their spending.
“Traditional credit scores have become less reliable in the COVID economy, forcing mainstream banks to significantly scale back access to credit at a time when many people need it most. Cash flow scoring allows Petal to continue making credit available even in these volatile economic conditions.”
— Jason Gross, Petal’s CEO and co-founder
“We’re pleased to once again invest in Petal. They have created a better and more modern credit experience, and a game-changing technology platform that’s well-matched to these times. We’re happy to support them as they scale.”
— James Fitzgerald, a founding accomplice with Valar Ventures