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How Petal’s product strategy extends access to credit through technology

  • Petal is a no-fee credit card company ideal for credit builders and rebuilders.
  • In three years, Petal has launched three products and a B2B API.
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How Petal’s product strategy  extends access to credit through technology

Ali Heron, head of engineering at Petal, joined us last week at our virtual Convergence Conference 2021. Heron talked about Petal’s mission to democratize credit for the underserved and underbanked by launching products and associated features. 

Heron says that about 150 million Americans today are shut out of mainstream credit. 50 million American adults don’t have a credit score at all, and tens of millions either have limited credit data or their score is inaccurate. Moreover, both black and Hispanic consumers are two times more likely to lack a credit score, and young people are at a systematic advantage because ‘it takes credit to build credit.’

Ali Heron, head of engineering at Petal, joined us last week at our virtual Convergence Conference 2021. Heron talked about Petal’s mission to democratize credit for the underserved and underbanked by launching products and associated features. 

Heron says that about 150 million Americans today are shut out of mainstream credit. 50 million American adults don’t have a credit score at all, and tens of millions either have limited credit data or their score is inaccurate. Moreover, both black and Hispanic consumers are two times more likely to lack a credit score, and young people are at a systematic advantage because ‘it takes credit to build credit.’

What is Petal?

Petal is a credit card company that helps consumers build credit by looking at their creditworthiness through a different lens — chiefly through banking history. Instead of using traditional credit scores, Petal uses its proprietary cashflow underwriting technology, Cash Score, to evaluate a consumer’s income, assets, savings, transaction history, and financial volatility, to make underwriting decisions. 

“Our mission at Petal is to expand access to opportunity with modern and responsible financial services for everyone,” said Heron.


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