Fintech startup Karat has launched a new charge card designed for YouTube, Instagram, and TikTok stars that looks at social-media engagement rather than credit history
The company plans to make money on its card by collecting fees from merchants at the point of sale. It said it does not plan to sell anonymized data to third parties for advertising purposes.
Influencers can begin the process of applying for the Karat card by sending the company a direct message on Instagram. The team will then evaluate whether a creator qualifies for the zero-fee card by looking at their social-media reach and engagement levels, their "operational integrity and professionalism," and documents that prove they have real income.