Vital Card Company Profile

Background

Company Overview

Founded in 2017, Vital Card, Inc. is a fintech company headquartered in New York, NY. The company offers a social credit card designed to engage modern consumer culture through social gamification, the gig economy, and mobile lifestyles. Vital Card aims to build a financial community where members support each other in improving their credit health and achieving financial well-being.

Mission and Vision

Vital Card's mission is to create a credit card that pays users to share and spend responsibly, helping members improve their credit and bring the nicer things in life within reach. The company envisions a community where better credit and financial opportunities are accessible to all.

Key Strategic Focus

Core Objectives

Community Engagement: Foster a financial community where members support each other in improving credit health.

Responsible Spending: Encourage responsible spending habits through rewards and educational tools.

Financial Inclusion: Provide access to credit for individuals with varying credit histories by assessing real indicators of creditworthiness.

Areas of Specialization

Social Gamification: Integrating social elements into the credit card experience to engage users.

Credit Education: Offering tools and resources to help users understand and improve their credit scores.

Key Technologies Utilized

AI-Driven Features: Developing AI-driven product upgrades to enhance the cardholder experience.

Primary Markets Targeted

Millennials and Gen Z: Catering to younger demographics who value community, social responsibility, and financial education.

Financials and Funding

Funding History

Seed Round (July 2017): Raised $2 million.

Early Stage VC (Series A3) (January 2021): Raised $2 million.

Equity Crowdfunding (April 2021): Raised an undisclosed amount.

Later Stage VC (March 2022): Details undisclosed.

Notable Investors

Grays Peak Capital

Meyer Global Management

Kevin Zuber

Intended Utilization of Capital

Product Development: Enhancing AI-driven features and mobile applications.

Market Expansion: Broadening the consumer base and accelerating card issuance.

Technological Platform and Innovation

Proprietary Technologies

AI-Driven Concierge Feature: An upcoming feature aimed at providing personalized assistance to cardholders.

Scientific Methodologies

Credit Health Tools: Providing users with tools to understand and improve their credit scores.

Leadership Team

Chris Bridges: Co-Founder & CEO

Serial tech entrepreneur with over 15 years in the payment industry.

Former CEO & Co-Founder of Vessix, acquired by Flying Software Labs in 2017.

Adam Spencer: Co-Founder & COO

Over 20 years in sales, strategy, and operations.

Held senior positions at JP Morgan and BBVA.

Joseph Cohen: Chief Technology Officer

Over 20 years in system architecture design and management.

Former VP of Information Systems and e-Commerce at AutoLand Inc/TrueCar Inc.

Vincent Bradley: Co-Founder & Board Member

Serial tech entrepreneur.

Former CEO & Co-Founder of FlashFunders, acquired by Boustead & Company in 2017.

Competitor Profile

Market Insights and Dynamics

Market Size: In 2020, credit card issuing programs generated $103.9 billion in revenue.

Growth Potential: Significant opportunities exist in targeting Millennials and Gen Z, who are underserved in the credit card market.

Competitor Analysis

Petal:

Focus Areas: Credit cards aimed at individuals new to credit.

Technologies: Utilizes alternative data to assess creditworthiness.

Notable Achievements: Raised over $435 million in funding.

Brex:

Focus Areas: Credit cards tailored for startups and small businesses.

Technologies: Offers integrated expense management tools.

Notable Achievements: Achieved a $2.6 billion valuation in 2019.

Strategic Collaborations and Partnerships

Evolve Bank and Trust: Partnered to handle aspects like fraud prevention, compliance, and underwriting services.

Operational Insights

Strategic Considerations

Market Position: Vital Card differentiates itself by focusing on community engagement and responsible spending, appealing to younger demographics.