A young tech entrepreneur has launched an aspirational “black card”’ for 20-somethings who are working their way toward American Express’ famous Black card.
Billy McFarland, 22, launched the Magnises card in March. It’s his third company. The tech wiz from New Jersey started when he was 13 with an outsourcing company, then founded the successful Internet startup Spling.
McFarland says the card, made of heavyweight metal, is linked to your own bank card.
It’s not a real charge card, because it’s not connected to any financial institution itself, but it does offer members access to a clubhouse in Greenwich Village, where there are wine tastings and private dinners (recently Mario Batali’s restaurant chef prepared a five-course meal), a 24/7 concierge, discounts and special treatment at restaurants.
The company launched March 1 and already has 800 members who paid $250 each for a year’s membership.
McFarland expects to double membership by the end of April. The acceptance rate is 25 percent. He said members come from creative fields and include actress Rosario Dawson;
Rob Wiesenthal, Warner Music’s chief operating officer; music executive Kevin Liles; and rapper French Montana.
McFarland said he raised $800,000 to launch and expects to raise several million in the next round of funding.