Data, Member Exclusive

‘Financial providers need actionable insights, not raw data’: Credit card company Petal spins off B2B data unit, Prism Data

  • Petal is a fast growing credit card company that uses bank history, not traditional credit scores, to make underwriting decisions.
  • The company is spinning off its technology to serve other players in the industry.
close

Email a Friend

‘Financial providers need actionable insights, not raw data’: Credit card company Petal spins off B2B data unit, Prism Data

Tearsheet’s DataDay Conference 2021 is the industry’s premier event focused on data aggregation, growing and evolving data ecosystems, and alternative data. Hear from firms like Fiserv, Plaid, Finicity, Visa, Argyle, MX, and many more about data’s growing role underpinning modern finance. Register here.

Petal is one of those fintech companies raising lots of money that hasn’t gotten a lot of press. It’s not because the company isn’t interesting — it is doing some really cool things around consumer credit. Petal may not be getting the ink it deserves because the story revolves around financial data. Financial data is definitely valuable — it’s just not sexy. The underwriting machine is the story here and the story now becomes more complicated with news that the firm is going B2B.

Petal is a credit card company that uses cashflow information from bank account data to make underwriting decisions. More than 50 million people lack credit scores in the U.S. and by looking at banking history, the firm has found a way to provide access to credit for thin file/no file consumers.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “‘Financial providers need actionable insights, not raw data’: Credit card company Petal spins off B2B data unit, Prism Data”

Member Exclusive

‘It’s a great example of the power of the ecosystem’: Intuit’s new QuickBooks card reader is about more than taking payments

  • Intuit recently launched a creatively-designed card reader for SMBs.
  • It's all part of ecosystem building aimed at helping small businesses with all their financial needs.
Zachary Miller | August 03, 2021
Member Exclusive

Starbucks has the second most used mobile payment app for POS transactions

  • eMarketer reported that the Starbucks app accounts for more payments than Google Pay and Samsung Pay.
  • Apple Pay dominates with 43.9 million users.
Shehzil Zahid | August 02, 2021
Member Exclusive

Inside WooCommerce’s journey to launch its payments solution, WooCommerce Payments

  • Payments was built on four key themes: integration, stability, support and feedback.
  • Payments is powered by Stripe APIs on Woo's open-source platform.
Shehzil Zahid | July 29, 2021
Member Exclusive

‘With Square Banking, we’ve reimagined the financial system for small business owners’: Square launches Square Banking

  • Square received an industrial bank charter.
  • Now the financial technology firm has released a suite of saving, payments, money movement, and financing products.
Zachary Miller | July 21, 2021
Member Exclusive

Industry expects open banking will have the greatest impact in retail banking

  • Survey respondents believe open banking will have the greatest impact on retail banking.
  • The study surveyed 785 professionals at global financial institutions and banks.
Shehzil Zahid | July 20, 2021
More Articles