New York-based fintech Petal has secured a $200m debt facility from Victory Park Capital and a new term loan facility for up to $20m with Trinity Capital.
In brief:
-The debt facility from Victory Park Capital adds to a $35m fundraise in May
-The company will use the funding to expand its credit card program, helping consumers who are new to credit to build it with the data in their personal banking history.
-So far, around 400,000 consumers have been approved for Petal credit cards — there are three different options ranging from free to $59 a year and with varying cashback rewards and credit limits.
What does this mean?
“Victory Park Capital is a strong supporter of Petal’s mission to make responsible, modern financial services available to everyone,” Victory Park Capital partner Jason Brown said. “We look forward to partnering with the Petal team as they work to expand the credit card program and serve even more underbanked consumers.”
