A startup that offers a credit card designed specifically for creators.
The credit card for creators
Hello, and welcome to the latest edition of an episode of the week. Every Friday will share episodes from interesting channels you can check out on YouTube. This week we cover Our Future Podcast's latest episode where they talk about Karat, a startup that offers a credit card designed specifically for creators.
How Karat is disrupting the credit card industry for creators?
If you are a creator, influencer, or online entrepreneur, you know how hard it can be to get access to financial services that suit your needs. Traditional banks and credit card companies often don't understand your business model, revenue streams, or growth potential. They may reject your applications, offer low credit limits, or charge high fees and interest rates.
That's why Eric Wei and Will Kim decided to create Karat, a startup that offers a credit card designed specifically for creators. Karat uses alternative data sources, such as social media followers, engagement metrics, and cash flow, to underwrite and approve creators for their cards. They also offer perks and rewards that are relevant for creators, such as discounts on software tools, ad credits, and cash back on business expenses.
Karat launched in 2020 and has already issued cards to some of the top creators in the world, such as Graham Stephan, Nas Daily, 3LAU, and Alexandra Botez. The company recently raised $26 million in a Series A round led by Tiger Global Management, valuing the startup at over $100 million
In the latest episode of the Our Future podcast, hosts Michael Sikand and Simran Sandhu chat with Wei and Kim about their journey from product managers at Instagram and venture capitalists at Upfront Ventures to founders of Karat. They also discuss how Karat is solving the pain points of creators, how they are building a community of loyal customers, and what their vision is for the future of financial services for creators.
You can listen to the full episode on any podcasting platform or watch it on YouTube
You can also follow Karat on their website, Instagram, and Twitter to stay updated on their latest news and offers.
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