NEW YORK—Fintech firm Petal has raised $30 million for its mission to "make credit honest, simple, and accessible."
Petal offers credit cards to people who lack a credit profile or score.
Petal was launched in 2017 to "give millions of Americans access to credit who have previously been overlooked." Its card is underwritten using alternative credit risk metrics, like how much cash is moving in and out of a person's bank account, rather than traditional FICO scores, noted Impact Alpha.
“Its introductory cards start with credit limits as low as $200. Standard cards have limits up to $10,000. Petal's interest rates range from 15.24% to 26.24%-in-line with or below many standard cards,” Impact Alpha said.