Billy McFarland is the Magnises founder, who has worked his way up to become a successful entrepreneur from a college dropout and has attracted and monetized millennials. The Magnises founder pointed out that the Magnises answers to urban millennials questions. The issues that the millennials want to be answered are what is trending, where the hot spot is right now, as well as when they can get involved.
In this respect, Magnises more often help more than 20 networks with each other. The ultra-exclusive American Express Centurion (Black) Card was the inspiration behind the 24-year-old founder of the Magnises Company. This idea came up when McFarland was out to dinner with friends, where they expressed great grief on how much they all desired to become black cardholders.
Magnises was born when McFarland got a way to implant a magnetic strip on the metal card. According to the founder, the start-up transfer’s information from an existing credit card onto the Magnises black card, then the card can be used just like a regular change card.
Magnises not only offers credit card function but also has a mobile concierge app that enables its members to use it exclusively for events and discounts. Mr. McFarland pointed out that Magnises has 10,000 members in Washington, D.C. and New York.
There are plans to expand to the West Coast by next year. Membership to Magnises is done by referral only, and the applicants have to be subjected to a stringent vetting process. The annual membership fee is $250.
According to Business Insider, Billy McFarland commented on the entire cost that the company needs to satisfy each user, which is $70, all their events, and the regular partnerships. The start-up’s ability to call up its thousands of members enables them to cash in on the advertising fees and the brand partnerships.
According to Billy McFarland, Magnises partners presently include Tesla, Samsung, and Virgin, which pay a licensing or an association fee. Magnises was launched in 2013, where it has raised $3 million from its key investors who include Bill Gray, the former CEO of Ogilvy & Mather, and Lance Weaver, the former chairperson of MasterCard.
McFarland expects that the company’s start-up will reach its objective, which is over $25 million in the next 24 months.