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Petal

Petal offers a no-fee credit card with underwriting based on cash flow, providing credit access and management tools to individuals without an established credit history.

ABOUT

 Using machine learning to analyze a user’s digital financial record, rather than their credit score alone, Petal offers a no-fee credit card with higher credit limits and lower rates than competing cards.


CHALLENGE 

Petal was founded to solve problems that its founders experienced firsthand, including:

  • Despite working and paying bills responsibly, many had trouble qualifying for a decent credit card and establishing credit history.
  • Others on the team struggled with credit card debt and fees, and knew how difficult traditional credit cards could be to understand and manage.


SOLUTION

The Petal credit card uses machine learning to analyze a user’s digital financial record, rather than just a credit score. This allows Petal to offer higher credit limits and lower rates than competing cards, with no fees whatsoever. That means users can get a quality credit card and start building their credit scores, even if a Petal card is their first credit card.


FINANCIAL HEALTH FOCUS

According to the Consumer Financial Protection Bureau, 45 million adults in the U.S. lack a credit record entirely and another 20 to 40 million don’t have enough credit bureau data to generate a score. The credit marketplace has long been ripe for a solution like Petal for underserved consumers.

What They Do

Cash Flow Underwriting to Expand Credit Access for New-to-Credit Consumers

Team Members

David Ehrich
David Ehrich
Co-Founder

Year

2018

Location

New York, NY

Status

Active

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