Petal Raises $140M in Series D Funding
Many companies have been trying to enter the business of issuing consumer credit in recent years. Petal is one such company that has made it big in consumer financing. Petal was founded in 2016 in New York. The core business of Petal is to offer credit solutions to the customer. The present products of Petal include two Visa Credit Cards. These credit cards are issued to consumers with little or no credit history. When individuals use these credit cards properly, they can build a credit history which further gives them access to a better credit facility.
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As per a recent announcement, Petal was able to secure $140M in a Series D investment round. After the new investment, the company’s valuation skyrocketed to $800M. Since the Series C investment round, the valuation of Petal has tripled. Mary Ann Azevedo has documented more information about Petal on TechCrunch, and it is interesting to see how these financial technology companies are changing the lending game.
Petal looks at the customers’ cash flow instead of the credit history. This is because the majority of the consumers who are reaching out to Petal are individuals who don’t have a credit history. In a way, the brand looks at the bank statements to understand the cash flows and the income. The brand offers a credit card and a neatly designed mobile application that helps people manage their finances and build credit scores. So 140m series 800mann azevedotechcrunch means Petal nears unicorn status with fresh $140M in capital to upend ‘broken’ traditional credit system .
Petal has experienced massive growth. Since the last year, Petal’s user base has tripped. In addition, the brand’s revenue has also jumped from $11 million to $50 million. Today, there are over 300K card holders with Petal. The organization has been experiencing a monthly growth rate of 10,000 to 20,000 members. These solutions are a blessing for young customers trying to build their credit scores.
