Tech startup, Karat, has launched the Karat Black Card, a credit card geared towards servicing online content creators. In addition to the Karat Black Card, those who qualify for the credit card may receive a $250 bonus that can be used for business-related tech purchases. Topping it all off, the card offers 2-5% back on purchases. Not to mention, it offers advances on sponsorship payments.
“Traditional banks care a lot about FICO,” Karat Co-Founder Eric Wei said.
“A lot of YouTubers, when they’re blowing up, they don’t have time to think: Let me make sure my FICO is awesome as well,” he continued.
As mentioned earlier, Karat looks to cater towards content creators on online platforms like YouTube, Instagram, Twitch, Snapchat, Twitter, etc. Thus far, they have raised $4.6 million in funding. They have also gained the support of Twitter Co-Founder Kevin Lin.
The first iteration of the card will be available for full-time content creators who have at least 100,000 followers. Under this model, Wei estimates the company has 1 million potential customers.
“We’re building a vertical financial and biz ops experience,” Wei said.
“People in earlier stages, we do want to get to them eventually, but only after we feel like we’ve developed enough of an underwriting model,” he added.
Those interested in learning more about the platform and what it has to offer can visit their website.