Petal Closes New $125 Million Debt Facility from SVB and Trinity Capital
Share Article
Committed debt facility will enable Petal to expand in 2021 and beyond; more than 100,000 people have now been approved for Petal® Visa® cards.
A Petal® Visa® card NEW YORK (PRWEB) February 24, 2021 Petal, a new kind of credit card company created to help people build credit and spend responsibly, today announced that it has closed a new committed debt facility –totaling more than $125 million– that will enable the company to expand and support the fast-growing Petal credit card program. Petal credit cards are issued by WebBank, Member FDIC.
This new facility includes $100 million from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and investors, and $26.6 million from Trinity Capital Inc. (Trinity Capital), a leading provider of venture debt and equipment financing to growth-stage comp