The uptake of the black card from Magnises is spreading and Millennials are at the core of it. According to INC Magazine, Magnises specializes in giving young professionals amazing perks similar to those enjoyed by American Express card users. In essence, the card acts as a personalized payment tool designed to give members access to a host of benefits and experiences. The social-life VIP enticements include the digital concierge app, private meetings, complimentary ticket upgrades and pass to the hottest clubs and exclusive events. The company is also planning to add educational talks, chef series dinners and happy hours to its already loaded listings. Members of Magnises enjoy all these perks by making an annual payment of $250 or $25 monthly rates.
The app is available for download on both Google Play and Apple Stores. Through the Magnises concierge service, members get Magnises NOW on-demands, recommendations and reservation to various services and places, including hotels and exclusive clubs. If a member sends a text requesting restaurant recommendation, the programmed algorithm uses the stated preferences to shortlist results. It is important to recognize that Black card is not a credit card because transactions are conducted by transferring funds from an existing debit or credit card. Magnises boast over 8,000 and 1,000 members in New York City and Washington DC respectively and hopes to expand to other cities such as Los Angeles, Chicago and London. The New York City based membership group, Magnises, was founded officially launched in 2014 by 23 year old entrepreneur Billy McFarland.
Why a 23-Year-Old Founder Created a ‘Black Card’ for Millennials
To establish the group, McFarland sought startup from a number of venture capitals and individual investors, including Deep Fork Capital and Great Oaks Venture Capital, based in New York City. The individual investors include former Chairman of MasterCard Lance Weaver and former President and CEO of Def Jam Kevin Liles. McFarland is also the founder and CEO of Site Spling, a fast growing content sharing website. The company has already roped in several high profile clients including the New York City based media conglomerate, NBC Universal Studios and mass media company Discovery Communications, Inc. The startup whiz according to Dujuor Magazine began setting up technology startups when he was a student at Bucknell University in Pennsylvania. He studied computer engineering, albeit briefly.
Magnises took over, a Greenwich Avenue townhouse in West Village and converted it into a base meeting point for its members in a move aimed at bolstering its market position. The space is furnished with an assortment of modern amenities, including leather seats and contemporary art. The place is also ideal for meeting over drinks and games. Since its inception, Magnises has managed to build a strong partnership with over 50 entities to enhance its life and work offerings. The partners include chic restaurants and bars such as Arlington Club and La Esquina and best known gyms like David Burton. According to McFarland’s LinkedIn page, he is skilled in a number of trades including venture capital, startups, venture marketing and strategic partnership. McFarland is a member of his former school’s Pingry Alumni Network.
Learn more about Magnise: https://www.magnises.com/faq