Petal, a digital lender that offers credit cards to individuals with poor credit history, has secured USD 200 million debt facility from Victory Park Capital. It also agreed to extend the tenure of its existing term loan facilities and obtain a new term loan facility of USD 20 million from Trinity Capital Inc. In addition, Petal raised USD 20 million in equity as an extension to its strategic funding round announced in May 2023.

The company’s total funding following this round stands at USD 992.6 million, which comprises over USD 300 million in equity and over USD 680 million in debt.

The company intends to utilize the fresh capital to expand its Petal credit card program. This program eliminates the need for individuals’ to have established credit scores as a qualification criteria.

To date, Petal has issued credit cards to nearly 400,000 customers, with over 100,000 new card approvals in 2022.