Petal, a NYC-based credit card company, closed an uncommitted facility to borrow up to $300m in debt capital from global investment bank Jefferies.
The company entered into a similar facility to borrow up to $30m in debt capital from Jefferies last year.
This expanded debt facility gives Petal additional funds to continue to expand its card program.
Petal aims to allow people to build credit by providing access to a no-fee credit card with cash back, high limits and low rates. The card program does this by using novel and proprietary underwriting technology that analyzes thousands of objective financial data points, like how much an individual makes, saves and spends over time, and the bills they pay each month.
In addition, the company offers a simple user interface and mobile app, making it easy to manage money, track spending, and build credit.
The Petal credit card is issued by WebBank, Member FDIC.
To date, the company has raised more than $46m in equity financing from venture capitalists, financial institutions and investment banks, including Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures and Afore Capital, in addition to its debt facilities with Jefferies and Silicon Valley Bank.
FinSMEs
8/09/2019