Immigrants face challenges when it comes to accessing credit when they come to the US; while in their home country they may have established a solid credit history, they now have to start from scratch; several fintech companies tackling this problem include Nova Credit, CreditStacks and Petal. Source
When immigrants come to the U.S. they are starting at zero when it comes to a credit profile and that...
In an engaging LendIt Fintech Digital session yesterday several leading consumer lenders discussed how they have adapted to the crisis...
In the space of a week, Petal and newly-formed spin-off, Prism Data have made two significant announcements, super charging open banking.
A majority of fintech companies today focus on providing faster and cheaper financial products to already well-served Americans. While this...
Petal uses information beyond credit scores like earnings, spending and savings to identify people who are a good fit for a credit card; users can then use the Petal card to build their credit history; the company raised $13 million led by Valar Ventures. Source
Petal’s new credit card will focus on the 65 million people who lack credit history for a traditional card; they have been working for three years on their product which uses AI to predict a consumer’s creditworthiness; the company raised a $3.6 million seed round last September and followed with a $13 million Series A in January of 2018; the partnership with WebBank will allow Petal to make the card available nationwide which they anticipate will happen over the next few months. Source