Sometimes raising venture capital can be as simple as talking to your existing investor and having them wire over another check.
When we last caught up with Petal in January 2019, the startup was hot off its $30 million Series B round and was accelerating its mission to take on the world of credit cards. Petal’s core differentiation is that it looks at the cash flow of potential borrowers rather than traditional credit scores to assess creditworthiness, helping to identify underbanked users who have the ability to be trusted with a credit card, but lack the formal statistics to prove it.
Well, a lot has happened since then. COVID-19 hit, and along the way, the traditional credit score has been rent asunder as millions lost their jobs, had their hours cut back and changed life circumstances. At the same time, federal stimulus relief in the form of direct payments to