840 Venture Partners, an early-stage venture capital fund focused on FinTech and Future of Work, announces a Series D investment in FinTech company Petal Card. Backed by Valar Ventures, Anchor Capital and Tarsadia, Petal is a technology-enabled consumer FinTech bringing credit cards to unbanked and underbanked Americans.
Petal directly aligns with 840VP’s investment thesis: access to credit should be democratic and equal. Credit access is a foundational element of personal financial stability and wealth-building. Petal’s competitive advantage is the strength of its proprietary AI technology. Petal was the first mass consumer platform to use cash-flow underwriting as a preferred method of scoring credit versus traditional legacy FICO-based credit models.
“This is a rare opportunity that comes along a few times per decade. We are very fortunate to invest in this impactful company while it is still in an ‘early’ stage of its trajectory. Petal will make the world a better and more equitable place for my kids,” said 840VP General Partner Serge Milman. Milman previously invested in Petal’s Seed, Series A and Series C rounds and saw this as an excellent opportunity for 840VP to get involved.
Proceeds from this Series D capital raise will be used to grow Petal’s B2C consumer base to several million users.
Petal press release.
About 840 Venture Partners:
840 Venture Partners is a NYC-based venture capital fund investing in early-stage FinTech and Future of Work. Leveraging over 13 years of venture experience in these verticals, the fund invests in seed and pre-Series A companies engaged in disruptive innovation. FinTech and FoW represent explosive sectors forming the foundation of the emergent Fourth Industrial Revolution: digital transactions and banking, big data, automation, and remote work. 840VP’s extensive network in industry and investing provides access to high-quality off-market deal flow and enables the firm to offer portfolio companies institutional-quality support.
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