What is Petal Card?
Founded in 2016, Petal Card operates as a modern credit card company headquartered in New York City. The firm distinguishes itself by leveraging advanced data analytics to provide credit access to individuals who may be underserved by traditional banking institutions. By integrating cash-flow analysis into its underwriting process, Petal Card offers a more inclusive approach to credit management, effectively bridging the gap between traditional financial services and the needs of the modern consumer. Its market position is defined by a commitment to transparency and financial health, positioning it as a key competitor in the rapidly evolving fintech landscape.
How much funding has Petal Card raised?
Petal Card has raised a total of $643.2M across 10 funding rounds:
Angel/Seed
$3.6M
Series A
$13M
Unspecified
$34M
Series B
$30M
Debt
$1M
Series C
$55M
Debt
$125M
Series D
$140M
Debt
$240M
Angel/Seed (2017): $3.6M led by Rosecliff Capital Advisors, Story Ventures, Silicon Badia, Great Oaks Venture Capital, Brooklyn Bridge Ventures, Afore Capital, and Guild Capital
Series A (2018): $13M supported by Valar Ventures
Unspecified (2018): $34M featuring Jefferies and Silicon Valley Bank
Series B (2019): $30M backed by Story Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Capital Advisors, Afore Capital, RiverPark Ventures, and Valar Ventures
Debt (2020): $1M with participation from PPP
Series C (2020): $55M led by GR Capital, Rosecliff Capital Advisors, Great Oaks Venture Capital, Abstract Ventures, Adventure Collective, Ride Ventures, Starta Ventures, Gramercy, Afore Capital, RiverPark Ventures, Nelstone Ventures, and Kelvin Beachum, Jr.
Debt (2021): $125M supported by Trinity Capital and Silicon Valley Bank
Series D (2022): $140M featuring Gopher Asset Management, RiverPark Ventures, Volery Capital Partners, Afore Capital, Valar Ventures, Gaingels, Encore Bank, and CUNA Mutual Group
Debt (2023): $240M backed by Victory Park Capital
Key Investors in Petal Card
Victory Park Capital
Victory Park Capital is an investment firm that provides capital to emerging and established companies worldwide, specializing in credit structuring and special situations.
Valar Ventures
Valar Ventures is an investment firm focused on high-margin, fast-growing financial technology companies globally, providing comprehensive support to portfolio companies.
Afore Capital
Afore Capital is a venture fund company based in San Francisco that provides private equity, asset management, and investment management services.
What's next for Petal Card?
With the recent infusion of $240M, Petal Card is well-positioned to accelerate its product development and expand its reach within the competitive credit market. The company's strategic focus will likely center on refining its algorithmic underwriting capabilities and scaling its customer acquisition efforts. As the firm moves beyond its Series D stage, the emphasis will shift toward long-term sustainability and the potential for further diversification of its financial products. By maintaining strong relationships with its diverse investor base, Petal Card is prepared to navigate the complexities of the current economic environment while continuing to drive innovation in consumer lending.
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