The Karat Black Card offers credit limits determined by an influencer’s social metrics, revenue streams, and cash in hand.

For now, Karat wants to be the flashy card in every influencer’s wallet. But eventually, the startup could become a one-stop shop for a creator’s business needs.

“We actually have clients who make millions of dollars, and the bank had given them a card with a $10,000 credit limit,” says Eric Wei, Karat’s cofounder. “We’ve met creators who have over $100,000 in a PayPal account—they’re not even using a bank.” A former product manager at Instagram, Wei had been astounded to see how much money some creators were making on the platform. He was even more shocked to see how many of those creators were turned away from financial products like credit cards and mortgages.

“The traditional banking system is messed up,” says Will Kim, the other cofounder, who previously worked in finance. “It’s overlooking these vast swaths of underserved groups. That’s where we were like, ‘Wait. This is a massive opportunity.’”

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