Petal Raises $ 140 Million in Series D Funding, Led by Tarsadia Investments


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NEW YORK, January 5, 2022 / PRNewswire-PRWeb / – Petal, a new type of credit card company created to help people build credit and spend responsibly, today announced it has raised a 140 million dollars Series D fundraising round.

This investment was led by Tarsadia Investments, with participation from Valar Ventures, CUNA Mutual, Encore Bank, Volery Capital Partners, Gopher Asset Management, RiverPark Ventures, Afore Capital, Gaingels and a number of other new and existing investors.

“2021 has been a landmark year for Petal,” said Jason gross, co-founder and CEO of Petal. “At a time when consumers faced unprecedented barriers to accessing credit, we turned the tide by using our unique technology to expand access like never before.

Petal also announced the hiring of Erin Allard, who previously held executive positions at Bloom Credit, Green Dot and The Bancorp. Allard will lead his new B2B data intelligence company, Prism Data, as Managing Director.

“The traditional credit system is broken and consumers desperately need more modern and accessible financial products,” said Rishi reddy, Head of Venture and Growth Investing at Tarsadia. “In addition to the exponential growth in the number of users, Petal has proven the power of its technology, as evidenced by the exceptional credit performance and rapid scale-up of Prism. We’re excited to overtake Jason and his team as they are at the forefront of a new way to accelerate financial inclusion. “

Petal was created to help people create credit, not get into debt, by giving them access to high quality Visa® credit cards (issued by FDIC member WebBank). People can qualify for Petal cards even if they have never used credit before. Instead of relying solely on credit scores, Petal has developed proprietary technology that also analyzes banking history, measuring creditworthiness by income, expenses, and savings. This process, called “CashScoring ™”, measures cash flow and other economic fundamentals that are not typically factored into a credit approval decision. This helps more people qualify, even in today’s turbulent economy, and enables Petal to make credit available on terms that suit each person’s unique financial situation.

Over the past year, Petal has tripled its user base and more than quadrupled its monthly revenue. Today, there are nearly 300,000 approved Petal credit cards and the company adds 10,000 to 20,000 new members per month. His team has also grown; Petal now has more than 160 employees and has recruited a series of top talent, including a former CFPB executive Eli corbett, who joined last March as Advocate General, and Ali Heron, as head of engineering.

Additionally, Petal has been successful in reaching traditionally underserved clients and helping them build a better financial future. The majority of Petal members had poor or no credit histories when they first applied for a Petal card, and over 40% of new members approved for a Petal card in 2021 were initially denied credit. by a big bank. Petal members who joined with no credit history achieved an average credit score of 676, a “primary” rating qualifying them for auto loans, mortgages and other financial opportunities previously beyond their reach.

This is made possible by CashScore â„¢, the company’s proprietary alternative to traditional credit scoring. The CashScore â„¢ became a product in its own right in 2021, when Petal announced the launch of its first B2B business service, Prism data. Prism is a next-generation data intelligence platform that translates raw transaction data into actionable insights and scores, making innovative CashScore â„¢ technology available for the first time in the wider market. Prism Data is founded on the belief that open banking and access to transactional data from bank accounts authorized by consumers will change the way consumer credit works: credit, payments, banking, insurance, real estate, financial advice, etc. With this change, Future Credit Score will be a comprehensive, real-time, holistic assessment of a consumer’s financial condition, including income, cash flow and assets, in addition to their history of debts and its repayments. Prism Data exists to give financial providers the tools they need to build next-generation products and capabilities.

“We believe Prism Data and CashScore are the future of consumer credit scoring,” Gross said. “Accurate, real-time and aggregate information is the key to expanding access and reducing costs for consumers at all levels. We have big plans for Prism in 2022, and we couldn’t be more confident about the prospects for this company under the leadership of our new executive, Erin Allard. Erin is an innovator with extensive experience in both fintech and traditional banking. She is also passionate about building a fairer and more inclusive financial system. ”

To date, Petal has collected over $ 240 million in equity and more than $ 450 million in debt financing, with venture capital firms, impact investors, financial institutions, family offices and investment banks.

Tarsadia Investments is a multi-billion dollar Newport Beach-based family office that partners with long-term, sustainable transformative businesses. For more information, please visit

Petal is a new kind of credit card company designed to help people achieve financial success ( Petal pioneered cash flow underwriting, as an alternative to credit scores, to make credit more accessible, and offers a simple, modern digital experience that encourages members to build credit, avoid overdoing it. get into debt and spend responsibly. Petal is based at New York, New York State, and Richmond, Virginia. The Petal credit card is issued by WebBank, FDIC member.

Prism Data is a next-generation transactional data intelligence platform that helps businesses serve more customers, create better products, and make smarter decisions. Prism Data takes raw transaction data from financial providers and turns it into actionable information to better understand a consumer’s credit risk, identity, income and more. Prism Data offers benefits in a variety of contexts including payments, loans, insurance, personal finance management, fraud mitigation, and real estate. Prism Data offers four products to address this diversity of use cases: categorization, income, information and alternative credit scoring, via “CashScore, by Prism Data”. Prism Data is the sister company of Petal and is based in New York, New York State.

Media contact

Matt Graves, Tripleshot Communications, +1 415-290-3503, [email protected]



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