Petal, a consumer credit card startup which leverages data aggregation and open banking-like information sharing, has raised a $200 million debt facility from Victory Park Capital and $20 million more in equity financing from existing investors. It also secured a new term loan facility of up to $20 million from Trinity Capital. Petal’s innovative approach to underwriting, based on bank account transaction data rather than traditional credit scores, has enabled it to serve consumers with little or no credit history.
Petal Raises $200M Debt Facility to Expand Access to Credit
