NEW YORK—The underbanked now have another option than just the credit union and payday lenders for their financial needs.
Petal, the startup credit card company that's offering a no-fee credit line to people without a credit history, is now publicly available.
Petal uses information from a consumer’s financial accounts and payments to develop a credit score for individuals who haven't had time to build up a financial picture that most banks or credit card companies use to create risk profiles and issue credit, Tech Crunch explained.
Launched earlier this year by co-founders Jason Gross, Andrew Endicott, David Ehrich, and Jack Arenas, Petal has received $34 million in funding facility from Jeffries and Silicon Valley Bank to bring its consumer lending product to the masses, Tech Crunch noted.