- Petal, a New York-based credit card start-up, is seeking a buyer.
- The company is exploring a potential sale, and sources suggest it may be at risk of going out of business without a suitor.
- Despite concerns, some sources believe the likelihood of Petal going out of business is low, citing leftover funding from this year and the possibility of attracting more investment.
- Staff cuts have been reported, with a 20% reduction in June, leaving approximately 100 employees.
- After securing $200 million in debt facility and $20 million in equity funding in August, Petal claimed to have approved nearly 400,000 people for its credit card.
