LOS ANGELES—Karat Financial, a financial services platform for creators, has raised $70 million in a combination of debt and equity financing aimed at building a new kind of personal credit card.
Karat also announced a partnership with Visa that is designed specifically to help content creators establish personal credit history and improve access to capital, according to Venture Beat.
The card is one of several tools offered by Karat to support the $250 billion creator economy, which has faced significant challenges in accessing credit from conventional banks that typically require a consistent monthly income and focus on traditional revenue streams, Venture Beat reported.
The Benefits
According to Venture Beat, the new Karat business card provides creators with several benefits, including personal credit building, exclusive events and collaborations, purchase protection, and simplified taxes.
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