In May of last year, Petal announcement It had raised a new round of funding and was in the process of spinning off its infrastructure unit, Prism Data.
But then we heard By November, Petal was in trouble and looking for a buyer.
Today, the breaking news is that Petal is being acquired by Empower, another pioneer in cash flow underwriting. When Petal publicly announced spear In 2018, its credit card innovated by being the first card to base its credit decision on cash flow underwriting.
Unfortunately, this initiative never received the attention it needed to succeed, with the last reported figure being 400,000 cards issued (as of August last year).
But Prism Data continues to be a standalone company, having raised its first round of funding and working with big names in fintech and banking.
Empower was founded in 2016 (the same year as Petal) and offers cash advances of up to $250, with decisions made through cash underwriting. With the acquisition of Petal, it will now add a credit card to its offering.
Empower also announced that it has completed the acquisition of Cashalo, a consumer fintech company based in the Philippines.
Featured
> Credit Fintech Petal Agrees to Be Sold to Empower
Empower Finance has agreed to buy US credit fintech Petal and completed the acquisition of Philippines-based Cashalo.
From Fintech Nexus
By Katherine Heires
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- USA: Treasury asks Congress for stronger enforcement powers against cryptocurrencies
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