Petal

Petal representing approximately 20% of its workforce on 2023-06-30.

Petal, a New York-based fintech startup, has not announced any layoffs. The article from May 2023 details the company raising $35 million in funding and spinning off its data unit. Petal, which offers Visa credit cards aimed at consumers with thin or no credit history, reported growing demand, adding 100,000 cardholders in the previous year and projecting profitability for 2024. The company, with a model similar to TomoCredit, uses cash flow underwriting to assess creditworthiness. Despite a challenging economic environment, Petal claimed improving delinquency rates and significant revenue growth, reaching $80 million in annualized revenue by the end of 2022.

Petal, a New York City-based fintech company that provides credit cards to individuals without established credit scores, laid off at least 10 employees last week. The layoffs impacted various departments, though the exact total number affected remains unclear. While the company's overall employee count is not specified, this reduction reflects broader challenges in the fintech sector, where many startups are streamlining operations amid economic pressures. The event underscores the ongoing adjustments within the tech industry as companies navigate uncertain market conditions.