User:Pavement74/sandbox/Petal

Petal Petal is a U.S.-based financial technology startup headquartered in New York.

Petal offers a no-fee Visa credit card, in partnership with WebBank, along with a mobile app. Petal's product is designed for people who are new to credit or who have little credit history.

Petal was founded in 2016 by entrepreneurs Jason Gross, Andrew Endicott, Jack Arenas and David Ehrich. Petal launched its first product, the Petal Visa card, in October 2018.

In May 2019, Petal introduced a rewards program that gives consumers higher cash-back percentages when they establish a track record for paying their bills on time. In September 2019, Petal announced that it had more than 50,000 cardholders, two-thirds of which are millennial and Gen Z consumers. Petal has raised more than $46 million in venture capital funding. In January 2018, Petal announced it had secured $13 million in Series A funding, an investment led by Valar Ventures. In January 2019, Petal announced it had secured $30 million in Series B funding, an investment led by Valar Ventures. In September 2019, Petal announced it had closed a $300 million debt facility from global investment bank Jefferies.

Petal uses machine learning [Wikipedia link] to assess applicants’ creditworthiness, analyzing their full digital financial record (how much an individual makes, spends and saves, and the bills they pay) to determine how much credit each person can responsibly manage.