Entrepreneur Billy McFarland, of Magnises
Although he is still in his twenties, Billy McFarland has been an entrepreneur for over a decade. He started his first business at the age of 12. Since then, McFarland has cleared his own unique path to success.
McFarland dropped out of college in order to found Spling, a tech company that counts Discovery and Universal among its clients. Spling transforms URLs from text links to images. This allows something more inviting to be posted on social media. McFarland continues to serve as CEO of Spling.
In 2013 Billy McFarland started perhaps his most ambitious project yet. Magnises is a black card aimed at millenials. As a successful businessman, McFarland moved in a world where black cards were common. He noticed, however, that the perks associated with these cards were geared more towards middle-aged people.
According to Crunchbase, Billy McFarland understood that young people wanted social perks more than they wanted air miles or hotel discounts. Benefits linked to the card include things like personal trainers, and membership at a club. Magnises has over 50 partnerships with companies that help it provide perks to users.
Magnises, however, is not a credit card. Rather, it takes data from a credit card the user already has. It transfers the data to the Magnises card. The original, actual credit card continues to work, too.
Currently, Magnises requires a $250 annual fee, and over 10,000 members. Magnises launched in New York, and has since expanded to Washington, DC. There are plans to launch the card in Los Angeles, Atlanta, London, Chicago, and other cities.
With such a track record of success at such a young age, it will be interesting to see what McFarland turns his attention to next. So far, he has been a fountain of great and highly marketable ideas.