US credit card fintech Black Opal prepares for full launch
A new fintech player has emerged in the US as Colorado-based Black Opal, which will issue credit cards for expats, start-up founders and professionals who relocate to the US, prepares for a full launch.
Set up in 2018, it is currently offering early access to users on its website.
Australian founder and CEO, Matt Holden, moved to the US in 2013 and struggled to obtain credit as he had no US credit history.
When he sold his social media start-up, MavSocial, in 2017, he turned his attention to solving this problem for new arrivals to the US.
He teamed up with Peter Makris, the ex-CTO of now closed Australian challenger bank, Xinja. Makris is running Black Opal’s development team.
Holden says: “We’ve found considerable investor interest in the US. Our Australian founding investors have enabled us to make this leap and pursue our next funding of $100 million.”
Black Opal is partnering with international foreign exchange providers as well as financial and wealth-building product providers.
It estimates that each year approximately 7,000 Australians and their families move to the US on various visas for work.