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Petal raises USD 34 mln, launches credit card

Monday 8 October 2018 | 11:19 AM CET

Mobile-first credit card company Petal has raised USD 34 million in credit, the round being led by Jefferies and Silicon Valley Bank.

This is Petal’s third funding round, and previous investors in the company include Valar Ventures, Great Oaks Venture Capital, and RiverPark Ventures. The round brings Petal’s total known funding to about USD 50 million, according to the company.

With the round, Petal plans to increase its headcount from 50 to over 100 within 2019. It is focused on acquiring customers, launching its Android app, and building out features, including a rewards programme.

Moreover, the mobile-first startup offers now a no-fee credit card, launched publicly in October 2018. Its approval process differs from other providers, and while the company doesn’t discount an applicant because of a lack of credit, credit history does carry weight in the process. In addition to its credit card service, Petal mobile platform gives its card holders insights into their payment history and habits, by sending them reminders.

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