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HomePeer to Peer LendingFintech Nexus E-newsletter (April 9, 2024): Petal to be acquired by Empower

Fintech Nexus E-newsletter (April 9, 2024): Petal to be acquired by Empower

In Might of final yr, 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.

In the present day, the breaking information is that Petal is being acquired by fellow money movement 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 resolution on money movement 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 yr).

However Prism Information 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 yr as Petal) and gives money advances of as much as $250 with choices made by means of money movement underwriting. With the Petal acquisition it can 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.

> 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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  • Peter RentonPeter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the creator and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection.



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