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Petal Raises $30 Million To Scale Its Business

Petal, the New York fintech that offers a credit card for those just starting out, raised $30 million in venture funding. The Series B round of funding was led by Peter Thiel's’ Valar Ventures, which is already an investor in the startup. Other investors that participated in the round include Greyhound Capital, which is joining as a new institutional investor, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures, and Afore Capital. Petal plans to use the latest round of funding to expand its offering as well as bring on more customers. As it stands it has thousands of customers and is aiming to grow that by the tens if not hundreds of thousands this year.

“If you look at the projections for 2019, this is the year where the fintechs break out in the credit card category the same way fintechs revolutionized stock trading, banking, and personal lending,” said Jason Gross, Chief Executive and co-founder of Petal. “Before the days of Lending Club and Prosper banks controlled nearly 100% of the consumer lending market share. Now we see that online offerings make up 35% of the overall market.”

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