Petal bags $35m in new funding, spins off Prism Data

By Delisha Fernandes

New York-based Petal, a credit card and FinTech company, announced that it has raised $35 million in new funding and has spun off its B2B-focused data infrastructure and analytics subsidiary, Prism Data.

The FinTech company uses this innovative approach to serve consumers directly. At the same time, Prism Data provides cash flow underwriting technology to financial institutions, FinTech, and other businesses, helping them leverage open banking to build better products and make better credit decisions.

Valar Ventures led this new investment, joined by Story Ventures, Core Innovation Capital, and RiverPark Ventures. The funding includes strategic investments from Synchrony and Samsung Next, and this new investment will be split between Petal and Prism Data.

Nearly 400,000 consumers have been approved for a Petal credit card, including more than 100,000 new cards approved in 2022. Petal generated over $80 million in annualized revenue last year, putting the company on a path to profitability in 2024.

Jason Rosen, CEO and co-founder of Petal and Prism Data, said,  “Not every new experiment works. But the time has come to expand to the mainstream for breakthrough technologies that have proven effective, like the cash flow underwriting we have developed at Petal and Prism Data. This has profound implications for financial inclusion, and we couldn’t be more excited to partner with forward-thinking industry leaders like Synchrony and Samsung to drive true innovation at scale.”

Also, Prism’s CashScore has been used to inform nearly $2 billion in real-world credit originations for hundreds of thousands of consumers. With this new funding, Petal has raised nearly $300 million in equity capital and more than $450 million in debt financing.