In Could of final 12 months, Petal introduced it had raised a brand new funding spherical and was spinning off its infrastructure unit, Prism Knowledge.
However then we heard in November that Petal was struggling and searching for a purchaser.
In the present day, the breaking information is that Petal is being acquired by fellow money circulate 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 determination on money circulate underwriting.
Sadly, it by no means obtained 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 Knowledge continues as a standalone firm, having raised its first spherical and is working with some large names in fintech and banking.
Empower was based in 2016 (the identical 12 months as Petal) and offers money advances of as much as $250 with selections made by way of money circulate 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 client fintech based mostly within the Philippines.
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> Credit score fintech Petal agrees sale to Empower
Empower Finance has agreed to purchase US credit score fintech Petal and closed the acquisition of Philippines-based Cashalo.
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