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New York-based credit card start-up Petal has secured $35 million in funding and spun off its subsidiary Prism Data, which focuses on providing open banking infrastructure and data analytics for credit scoring. The funding round was led by Valar Ventures, with participation from other investors including Synchrony and Samsung Next. Petal aims to help individuals build their credit scores by offering Visa credit cards and plans to use the funding to scale its operations and drive innovation.
- Petal has raised $35 million in a funding round led by Valar Ventures, bringing its total equity capital raised to nearly $300 million.
- Petal has spun off its subsidiary Prism Data, which offers open banking infrastructure and data analytics for credit scoring.
- Investors in the funding round include Story Ventures, Core Innovation Capital, and RiverPark Ventures, with strategic investments from Synchrony and Samsung Next.
- Petal focuses on providing access to Visa credit cards to individuals who have little to no credit history or have never used credit before.
- Prism Data’s automated cash flow underwriting infrastructure helps financial services providers improve loan decision-making and expand access to credit.
- The funding will be split between Petal and Prism Data to scale their operations and drive innovation.
- Petal has issued nearly 400,000 credit cards to consumers to date, with over 100,000 approved in 2022. The company aims to achieve profitability in 2024 and reported over $80 million in annualized revenue last year.