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US credit card fintech Petal reportedly eyeing potential sale

November 23, 2023

Petal, a New York-based credit card start-up, is seeking a buyer.
The company is exploring a potential sale, and sources suggest it may be at risk of going out of business without a suitor.
Despite concerns, some sources believe the likelihood of Petal going out of business is low, citing leftover funding from this year and the possibility of attracting more investment.
Staff cuts have been reported, with a 20% reduction in June, leaving approximately 100 employees.
After securing $200 million in debt facility and $20 million in equity funding in August, Petal claimed to have approved nearly 400,000 people for its credit card.