Petal, a NYC-based credit card company, raised $30m in Series B funding.
The round was led by Valar Ventures, with participation from Greyhound Capital and existing investors Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures and Afore Capital.
In conjunction with the funding, Petal also announced the appointment of:
– Parris Sanz, a senior executive with CAN Capital, who is joining as General Counsel, and
– Tom Greco, former SVP of Customer Operations at GreenSky, who is joining as VP of Customer Operations.
Led by Jason Gross, Chief Executive Officer and Co-Founder, Petal uses technology to create user-friendly credit cards.
The first product, the Petal Visa card, launched in October to allow people to build credit, not debt, offering an experience with no fees or financial traps. It helps measure objective components of each individual’s creditworthiness that aren’t typically considered in a credit approval decision, like how much an individual actually makes, saves and spends over time, and the bills they pay each month. This gives a more accurate understanding of how much someone can afford to borrow, beyond what is available in a traditional credit report.
The Petal credit card is issued by WebBank, Member FDIC.
To date, the company has raised more than $80m in equity and debt financing from venture capitalists, financial institutions and investment banks.