Petal
Founded Year
2016Stage
Series D - III | AliveTotal Raised
$978.95MLast Raised
$20M | 4 mos agoAbout Petal
Petal is a credit card company. It offers credit cards for any major line of credit, including a mortgage, car loan, and credit card, and allows users to link with a mobile application to track expenses and affordability. Petal was founded in 2016 and is based in New York, New York.
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ESPs containing Petal
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The alternative credit scoring market addresses the issue of creditworthiness assessment for individuals with thin-files or no file with credit reference agencies. This market provides solutions that allow lenders to accept more applicants, expand to new market segments, and save costs of risk. The market also offers access to potential consumers looking for financial products, personalized recomm…
Petal named as Highflier among 15 other companies, including Nova Credit, ClearScore, and Chime.
Petal's Products & Differentiators
Petal 1
The Petal 1 Visa credit card is designed to help people build credit responsibly - in particular people establishing credit for the first time.
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Research containing Petal
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Petal in 3 CB Insights research briefs, most recently on Mar 30, 2022.
Mar 30, 2022
140+ startups shaping the digital lending space
Expert Collections containing Petal
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Petal is included in 7 Expert Collections, including Real Estate Tech.
Real Estate Tech
2,789 items
Startups in the space cover the residential and commercial real estate space. Categories include buying, selling and investing in real estate (iBuyers, marketplaces, investment/crowdfunding platforms), and property management, insurance, mortgage, construction, and more.
Digital Lending
2,171 items
This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.
Payments
2,780 items
Companies in this collection provide technology that enables consumers and businesses to pay, collect, automate, and settle transfers of currency, both online and at the physical point-of-sale.
Fintech 100
999 items
250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.
Financial Wellness
245 items
Track startups and capture company information and workflow.
Fintech
8,123 items
Companies and startups in this collection provide technology to streamline, improve, and transform financial services, products, and operations for individuals and businesses.
Petal Patents
Petal has filed 28 patents.
The 3 most popular patent topics include:
- rotating disc computer storage media
- internet of things
- mobile computers
Application Date | Grant Date | Title | Related Topics | Status |
|---|---|---|---|---|
4/7/2020 | 10/10/2023 | Sound recording, Radio formats, Popular music, DJing, Hip hop production | Grant |
Application Date | 4/7/2020 |
|---|---|
Grant Date | 10/10/2023 |
Title | |
Related Topics | Sound recording, Radio formats, Popular music, DJing, Hip hop production |
Status | Grant |
Latest Petal News
Nov 22, 2023
US fintech Petal puts itself up for sale amid concerns regarding its ability to survive 22, November 2023 Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only. A US-based credit financial technology company called Petal has announced recently that it is seeking a buyer. The firm put itself up for sale due to recent Wall Street concerns regarding its ability to survive in the current market, which caused many other companies in the fintech sector to close down shop, file for bankruptcy, or seek a different solution. Petal is a company that offers Visa credit cards, seeking to make them more accessible, even to those who never used credit before. Since access to credit in the US is relatively limited to those who have a reputable credit score, a company like Petal was expected to see great demand. However, according to a recent report by Fortune, five unnamed sources from the private equity, banking, and venture capital sectors have shared that the company is now forced to explore its options and find a way to stay in business. So far, Petal has supposedly decided that the best course of action would be an acquisition by a more successful buyer. Conflicting reports: Can Petal stay in business? One of the sources claims that the firm had received several acquisition offers already. However, it has yet to pick one and attempt to reach a favorable deal. The source added that the firm also holds $55 million in the bank from a funding round held earlier this year, so even if no deal is made in the near future, the firm still has enough in funding to keep going for a while longer. Fortune reported Petal is for sale, and I can independently confirm via someone familiar with the situation that there are multiple offers on the table. Another source disagreed, predicting that the startup is likely to go out of business if it fails to find a buyer in the near future. Fortune also noted that Petal has been considering its options for a while, and one of them was to cut costs where possible. To achieve this, the firm laid off 20% of its workforce in June 2023. But, while this seemingly allowed it to stay in business for a bit longer, it appears that it was not enough to act as a long-term solution. After that, in August, the company secured a $200 million debt facility, which pushed its total funding to $300 million in equity capital. Simultaneously, it also saw $680 million in debt financing. The August facility provided the firm with “substantial fuel,” which allowed it to expand its card program. Petal even built its own proprietary technology for analyzing banking history-measuring creditworthiness, so that it doesn’t have to rely only on credit scores. Instead, it took into account other financial aspects of its customers, including income, spending, and savings. About Ali Raza PRO INVESTOR Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech.Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.
Petal Frequently Asked Questions (FAQ)
When was Petal founded?
Petal was founded in 2016.
Where is Petal's headquarters?
Petal's headquarters is located at 233 Spring Street, New York.
What is Petal's latest funding round?
Petal's latest funding round is Series D - III.
How much did Petal raise?
Petal raised a total of $978.95M.
Who are the investors of Petal?
Investors of Petal include Valar Ventures, RiverPark Ventures, Story Ventures, Synchrony, Samsung NEXT and 34 more.
Who are Petal's competitors?
Competitors of Petal include Grain, Arro, TomoCredit, Deserve, Possible Finance and 7 more.
What products does Petal offer?
Petal's products include Petal 1 and 2 more.
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Compare Petal to Competitors
Chime is a financial technology company operating in the banking sector. The company offers banking services such as checking and savings accounts, credit building, and fee-free overdrafts, all aimed at making financial management easy and accessible for everyday people. Its primary customer base includes everyday Americans who are not well-served by traditional banks. The company was founded in 2012 and is based in San Francisco, California.
Grow Credit is a financial technology company that operates in the credit industry. The company offers a free Mastercard that customers can use to pay for their subscriptions, which helps them build their credit score. The company primarily serves individuals with no credit or poor credit. It was founded in 2018 and is based in Santa Monica, California.
Gimi is a company focused on financial education, operating in the fintech sector. The company offers an educational app that provides practical learning experiences for children to understand personal finance, including saving, spending, and earning money, under the supervision of their parents. Gimi primarily serves the fintech industry, with a particular focus on the younger generation. Gimi was formerly known as Veckopengen. It was founded in 2015 and is based in Stockholm, Sweden.
Brigit operates as a financial health analyzing application facilitating analysis of expenditure, budgeting tools, and offering micro-credits. The company provides various products such as instant cash, credit builder, and more. It offers individuals with financial security measures, opportunities for obtaining funds, and opportunities for personal finance education. It was founded in 2017 and is based in New York, New York.
Empower Finance is a financial technology company focused on expanding access to fair credit. The company offers services such as instant cash advances, automatic savings, credit monitoring, and spend tracking, all aimed at improving financial security and mobility for its users. Empower Finance primarily serves individuals seeking to improve their financial situation and credit score. It was founded in 2016 and is based in San Francisco, California.
Qapital is a company that focuses on financial management in the fintech industry. It offers services that allow individuals and couples to save, invest, and spend money with their financial goals in mind, using automation and behavioral science. The company primarily serves individuals and couples looking to manage their finances more effectively. It was founded in 2012 and is based in New York, New York.
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