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Credit card startup Petal closes $300M debt facility from Jeffries

Petal, a start-up aimed at providing credit access to Gen Z consumers and other new applicants, said that investment firm Jeffries will provide a $300 million debt facility that will allow it to expand its credit card business. 

Petal said there are currently 50,000 cardmembers using its product and that the company user-base has doubled every couple of months during 2019. 

"Our expanded facility with Jeffries provides an excellent foundation for serving our current and future customers for many quarters to come," Andrew Endicott, co-founder and CFO at Petal, said in a company release. "It's a massive vote of confidence in Petal's mission to create a fundamentally better credit product experience that better serves the need of modern customers.”

Petal said 66% of its members are either Gen Z or millennials, and the most common age for a Petal cardmember is 20 years old. 

Petal closed a similar $30 million debt facility from Jefferies in 2018. The company has also raised $46 million in equity from investors, including Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures and Afore Capital.

Cover image: Petal