In Might of final 12 months, Petal introduced it had raised a brand new funding spherical and was spinning off its infrastructure unit, Prism Information.
However then we heard in November that Petal was struggling and in search of a purchaser.
Right this moment, the breaking information is that Petal is being acquired by fellow money move underwriting pioneer Empower. When Petal publicly launched its bank card in 2018 it broke new floor as the primary card to base its credit score choice on money move underwriting.
Sadly, it by no means acquired the traction it wanted to achieve success, with the final reported variety of 400,000 playing cards issued (as of August final 12 months).
However Prism Information continues as a standalone firm, having raised its first spherical and is working with some massive names in fintech and banking.
Empower was based in 2016 (the identical 12 months as Petal) and supplies money advances of as much as $250 with choices made via money move underwriting. With the Petal acquisition it should now add a bank card to its choices.
Empower additionally introduced it accomplished the acquisition of Cashalo, a shopper fintech primarily based within the Philippines.
Featured
> Credit score fintech Petal agrees sale to Empower
www.finextra.com
Empower Finance has agreed to purchase US credit score fintech Petal and closed the acquisition of Philippines-based Cashalo.
From Fintech Nexus
> The 2024 Fintech Innovation Lab Cohort Reveals the Fintechs Most Coveted by Giant Banks & Insurance coverage Corporations
By Katherine Heires
The ten fintech corporations chosen will work carefully with 40 plus establishments Together with AIG, Financial institution of America, Constancy, & JP Morgan.
Podcast
Christina Riechers, Common Supervisor of Sq. Banking on serving to small companies
Small companies have higher entry to monetary instruments than ever earlier than. Main the best way right here is Sq. Banking, an built-in…
Pay attention Now
Additionally Making Information
International: GenZ Loves Their Digital WalletsDigital wallets comparable to Apple Pay and Google Pockets present customers with handy and safe methods to make in-store and on-line purchases with out having to place delicate credit score or debit card information in danger.
USA: Treasury Asks Congress for Stronger Crypto Sanction PowersThe U.S. Treasury Division needs extra instruments to curb terror financing. Deputy Secretary Adewale O. Adeyemo is because of testify earlier than the Senate Banking Committee Tuesday (April 9) and ask lawmakers for better authority to dam terrorist teams and state actors for utilizing issues like abroad cryptocurrency exchanges to fund their causes.
To sponsor our newsletters and attain 180,000 fintech lovers along with your message, contact us right here.
