The U.S. Federal Reserve found out that credit cards were only accessible to 42% of Americans who were earning less than $25,000 annually. Jason Gross points out that this is because they have been locked out of the credit card system. He states that people with no credit history in the U.S. are usually presumed to have a bad credit history. And, recognizing this problem, he stepped up to create a fintech solution that bridges this financial gap. Thus, Jason Gross was able to address a systematic financial problem by launching Petal Card.
What made Jason Gross shift from the legal industry to fintech?
Many successful entrepreneurs are inspired to launch a business after discovering gaps in the system. To illustrate, our article on Earl T. Murray III shares that the chemical engineering graduate turned to accounting as an act of service. Murray states that he launched his accounting company to educate and empower the next generation of young professionals who want to become successful entrepreneurs themselves.
Similarly, Jason Gross was already a successful legal professional before he launched Petal Card. His interview with Alexa Von Tobel highlights that his legal knowledge is one of the things that enabled him to become a strong leader. His legal background is undoubtedly impressive, especially since Gross graduated from Harvard Law School.
Though Gross was already helping people in his legal career, he decided to get into fintech after witnessing the problems of the credit industry. Years before the launch of Petal Card, he met with a friend who came to the U.S. to study and work. However, Gross’s friend was unable to obtain a credit card or even a phone plan because he did not have a prior credit history in the country. Through this experience, Gross witnessed how unfair the credit system was to immigrants, minorities, young people, and low-to-moderate income consumers. As such, he decided to revolutionize the fintech industry.
Jason Gross disrupted the fintech industry with Petal Card
Jason Gross made the fintech industry more inclusive by launching Petal Card in 2016. He wanted to create a solution that was different from the traditional system, which was more favorable for banks and financial institutions. And, as it stands, Petal Card is democratizing credit scoring.
The company has launched a program that allows users to understand how they can work towards their financial goals through their credit scores. Petal Card’s Leap program educates users by showing they can qualify for a credit limit increase. The program tailors the instructions based on the user’s status so that users can take clear and tangible steps towards financial goals.
Jason Gross also wanted to bridge the financial gap by creating a credit card for younger customers with little to no credit history. Petal’s Visa rewards card uses data and other metrics to assess someone’s credibility, instead of relying on the traditional FICO score. It also incentivizes younger users to pay on time by offering cash backs for every purchase.
Jason Gross shifted away from a prestigious legal job to launch a financial solution that addresses a widespread problem. Since then, the entrepreneur has helped numerous Americans in achieving their own financial goals through Petal Card.
