Credit card company Petal gathers $220m debt financing

• Petal’s existing backers are also providing $20 million in equity funding to Petal
• As a result of this new funding, Petal has raised more than $300 million in equity capital and more than $680 million in debt financing
• Petal credit cards are issued by WebBank

Petal, a New York City and Richmond, Virginia-based credit card and fintech company, has secured a total of $220 million in debt financing. This financing includes a $200 million debt facility from Victory Park Capital and a new term loan facility for up to $20 million from Trinity Capital Inc.

Petal’s existing backers are also providing $20 million in equity funding to Petal.

“VPC is a strong supporter of Petal’s mission to make responsible, modern financial services available to everyone,” said Jason Brown, a partner at Victory Park Capital in a statement. “We look forward to partnering with the Petal team as they work to expand the credit card program and serve even more underbanked consumers.”

As a result of this new funding, Petal has raised more than $300 million in equity capital and more than $680 million in debt financing.

Petal credit cards are issued by WebBank.

Based in Chicago, VPC was founded in 2007.

Trinity Capital is provider of diversified financial solutions growth-stage companies.

Correction: An earlier version of this news report misidentified Trinity as providing $20 million of equity capital to Petal. Trinity’s existing backers provided the $20 million in equity capital. This erroneous information has since been corrected.