The company also completed its acquisition of Cashalo, a consumer credit and lending company headquartered in the Philippines. The combined companies will fold into Empower and continue to transform the way people access and build credit, enabling greater participation in established and emerging credit economies.
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Empower signs definitive agreement to acquire Petal
"Safe, affordable credit is unavailable to tens of millions of consumers in the U.S. and billions worldwide. We believe that modern product design and new technologies like cash flow underwriting can be used to radically improve credit access around the world," says Jason Rosen, Petal's Co-Founder. "This merger brings together two of the leading innovators in this arena. Our combined product offerings, financial strength, technical capabilities, and global reach will allow us to move much faster to close the equity gap in credit."
