Petal

Petal is a financial technology company founded in 2016 and headquartered in New York City. It seeks to make credit accessible and transparent, especially for individuals with limited or no credit history, by using advanced technology and alternative data. Petal aims to redefine the credit landscape by moving beyond traditional credit scoring models, assessing applicants’ broader financial profiles, and making data-driven decisions that expand access to underserved individuals, such as young adults, recent immigrants, and those with minimal credit histories.

Instead of relying solely on traditional FICO scores, Petal evaluates an applicant’s banking history, spending habits, income, and savings to determine creditworthiness. This alternative approach allows Petal to offer credit to people who might not qualify under conventional standards, helping them establish and build a credit history while also maintaining a strong financial profile. Petal’s no-fee structure further distinguishes it, with the Petal 2 card offering a fee-free experience—no annual fee, late fees, or foreign transaction fees. This transparency reduces the financial burden on users, offering an affordable alternative to many credit cards that often charge hidden fees.

Petal incentivizes responsible financial behavior by offering cash-back rewards that grow over time for on-time payments, rewarding users up to 1.5% cash back on eligible purchases after a year of on-time payments. This feature encourages positive financial habits and makes credit more beneficial. Additionally, Petal’s mobile app offers valuable tools and insights, allowing users to track their spending, categorize transactions, monitor subscriptions, and understand their credit scores. These resources help users develop good financial habits, improve credit health, and manage their credit responsibly.

While Petal’s approach uses data-driven insights and analytics to assess creditworthiness and personalize financial solutions, it is primarily a player in the financial services and credit/lending industry rather than a dedicated AI company.

Petal is based in New York, New York, USA. Specializing in the AI industry, Petal pioneers innovative solutions and advancements in artificial intelligence. Petal, funded over $100 million, is well-positioned to drive significant impact and growth in the AI sector. For more information, please visit petalcard.com.

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