Billy MacFarland set up Magnises after attending a dinner party where attendees extensively discussed the perks of owning an American Express card. Billy cites that holding an American Express card does not provide individuals aged between the ages 22 and 35 with opportunities to network and attend social functions.
He then set up Magnises to give subscribers with regular opportunities to meet and interact with young professionals from various industries such as fashion, finance, and entertainment. Magnises functionality involves deducting payments from the linked credit or debit card. Hence it is not a credit card by itself, but a payment agent. Magnises first launched in the New York region and presently has branched out to other cities.
According to Magnises’ records, the majority of the subscribers are between the ages 21 and 29. The firm targets to connect a variety of people in different professions, seeking to expand their career network or social life. After filling in the required entries on Magnises official website, one has the full access to the perks that come with the black card.
Some of them include individual drivers who save the client’s work and home locations, private gym trainers in modern gyms like David Barton and exclusive restaurants like Le Esquina, Arlington Club, Omar’s and other nightclubs. The clubhouse I Greenwich Avenue allows members to have drinking sessions, play games and watch TV.
According to Crunchbase, Billy McFarland is a long time entrepreneur who briefly pursued Computer Engineering at Bucknell University before setting up Spling, and soon after Magnises. Billy explained that Magnises does not aim to replace American Express but to work along with it in providing more services to customers.
Since the black card’s establishment, Magnises has raised more than 3 million dollars with contributions from investors such as Lance Weaver, the previous chairman of MasterCard and Billy Gray, the former chief executive officer of Ogilvy and Mather.
Billy revealed to CNBC that Magnises has a target of reaching 25 million in funds in the next 24 months after its launch. Other Magnises investors include the former president and chief executive officer of Def Jam, Kevin Liles and famed night time photographer, Patrick McMullan.