Other investors joining the funding round include Story Ventures, Core Innovation Capital, and RiverPark Ventures. The round also includes strategic investments from Synchrony and Samsung Next.
Founded in 2016, Petal helps people build their credit scores by providing access to Visa credit cards issued by WebBank, with a focus on people who have never used credit before or have little to no credit history.
The firm says it has decided to spin off Prism Data, which provides open banking infrastructure and data analytics for credit scoring, as it wants other financial services providers to leverage its automated cash flow underwriting infrastructure to help them improve loan decision-making and expand access to credit.
