EXCLUSIVE – Are credit cards the next big hot spot for fintech takeover? That’s what startup Petal hopes its partnership with Salt Lake City-based WebBank achieves, as the startup gears to launch of its first major product: a credit card designed to serve the “credit invisible.”

The nature of this partnership, unveiled today, is similar to WebBank’s relationship with Lending Club in that WebBank will provide Petal banking support. In this case, that means issuing Petal’s credit card on the Visa Network, Petal CEO Jason Gross told Bank Innovation. But more importantly, Gross said, it’s what the partnership represents for the credit card industry overall.

“This partnership is a signal for the industry at large. In the way that fintech has revolutionized other products in the financial services space, Petal with WebBank wants to be the first to do that for credit cards, which is an extremely important consumer product in this space,” Gross said.

The partnership with WebBank, although announced today, has been in the works for a year, Gross explained. Not only did Petal have to show its relevance to users, but also had to show that it had “best in class,” fraud protection, data security, compliance and innovation, he said.

Back in September, Petal launched itself in Beta-testing. Since then, Petal’s card has been racking up users on its waitlist. In October, Petal had about 40,000 people on that waitlist, today there are over 60K people, Gross said. Over the next few months, Petal will invite those 60K-plus people to get their credit card.

Petal will then roll out its card nationwide later this year, along with its interactive mobile app on both Android and iOS, Gross said.

Incorporating artificial intelligence and machine learning, Petal uses cash-flow underwriting to determine a consumer’s creditworthiness. Petal’s underwriting does not require a FICO score and considers information like income, a user’s saving and spending habits as well as their bill payment history, among other things.

The card starts with a credit line of $500 and stops at $10,000.

The average Petal customer falls between the $2,000 and $3,000, credit limit. The card has no fees of any kind – overdraft, late or annual. The APR on the card ranges between 14.99% to 24.99%.

In January, Petal raised $13 million in a Series A funding led by Peter Thiel’s VC firm, Valar Ventures.

WebBank is an FDIC-insured, state-chartered industrial bank that provides online consumer and small business loans made in partnership with fintechs and traditional finance companies.

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