About
Petal built credit cards for consumers with thin or no credit files using cash flow underwriting. Acquired by Empower Finance in April 2024 after struggling with high rates. Peaked at $800M valuation (Jan 2022), raised $700M+ in equity and debt. CashScore technology spun out as Prism Data (May 2023), informed nearly $2B in credit originations.
Key Facts
- [1]Founded: Founded in 2016 in New York, United States.
- [2]Funding: Total funding: $300M. Last round: Apr 2024. Stage: Growth.
- [3]Employees: Employee count: 51-200.
- [4]Acquisition: Acquired by Tilt in 2024-04.
- [5]Company Type: Acquired company.
- [6]Website: Official website: petalcard.com.
- [7]AI Technology: Core AI/ML technologies: Predictive ML.
- [8]Region: Region: Americas (United States).
Founders
Jason Gross
Co-founder & CEO
Andrew Endicott
Co-founder
Jack Arenas
Co-founder
AI Technology
Predictive ML
Traditional ML algorithms for classification, regression, and scoring models
Classification
Market Segments
Tech Stack Layers
Details
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Frequently Asked Questions
What is Petal (Empower)?
Petal built credit cards for consumers with thin or no credit files using cash flow underwriting. Acquired by Empower Finance in April 2024 after struggling with high rates. Peaked at $800M valuation (Jan 2022), raised $700M+ in equity and debt. CashScore technology spun out as Prism Data (May 2023), informed nearly $2B in credit originations. Petal (Empower) is classified in the Lending & Credit segment at the Applications layer of the financial AI stack.
Who founded Petal (Empower)?
Petal (Empower) was founded by Jason Gross (Co-founder & CEO), Andrew Endicott (Co-founder), and Jack Arenas (Co-founder) in 2016 in New York, United States. The company has been operating for 10 years. The company was acquired by Tilt in 2024-04.
How much funding has Petal (Empower) raised?
Petal (Empower) has raised $300M in total funding, placing the company at the Growth stage. The most recent round closed in Apr 2024. Among 81 funded Lending & Credit companies, Petal (Empower) ranks #28 by total capital raised. (Source: AIFI Map directory.)
What AI technology does Petal (Empower) use?
Petal (Empower) primarily leverages Predictive ML technology. Traditional ML algorithms for classification, regression, and scoring models. Within the Lending & Credit segment, 58 companies use this technology.
What market segment does Petal (Empower) operate in?
Petal (Empower) operates in the Lending & Credit market segment. AI lending and credit companies are reimagining how creditworthiness is assessed, loans are originated, and debt is managed across consumer, small business, and commercial markets.
Where is Petal (Empower) headquartered?
Petal (Empower) is headquartered in New York, United States. The company operates in the Americas region. The team consists of 51-200 employees. United States is home to 324 financial AI companies tracked by AIFI Map.
Who are Petal (Empower)'s competitors?
Companies similar to Petal (Empower) in the Lending & Credit space include Unit21 ($92M raised), Upstart ($160M raised), Zest AI ($357M raised), Pagaya ($75M raised), Scienaptic AI ($17M raised). These companies operate in related areas of financial AI: Unit21 focuses on ai-powered fraud and aml platform. Upstart focuses on ai lending platform using alternative data for credit decisions. Zest AI focuses on ai-automated underwriting for credit unions and banks. (Based on AIFI Map classification data.)
What products does Petal (Empower) offer?
Petal (Empower) builds applications-layer solutions for the financial services industry. The company's core offering: AI credit cards for thin-file. The platform is powered by Predictive ML technology.
Is Petal (Empower) publicly traded?
Petal (Empower) is no longer independently traded. The company was acquired by Tilt in 2024-04. Prior to the acquisition, Petal (Empower) had raised $300M in venture funding.