College is not for everybody. The list of college dropouts that have made an impact on the business world grows every year. One of those dropouts is Short Hills, New Jersey native, Billy McFarland. McFarland is the 24-year-old whiz kid that founded Spling four years ago. Spling is the online advertising platform that uses pictures instead of words to sell goods and services. According to Forbes, Billy McFarland built an impressive list of clients over the last four years.
Billy was having dinner with friends in New York City one night, and the conversation around the table turned to credit cards. Millennials want to change some of the antiquated systems that the Baby Boomers established or followed for the last four or five decades. Billy’s friends thought credit cards should do more than give credit, and McFarland agreed with them.
After giving the conversation a lot of thought, Billy McFarland approached some experts in the credit card industry, and he explained a new business idea he had. The idea was to design a credit card that could be linked to a personal debit or credit card, so it acted like a true credit card, but it did a lot more than give credit to the holder.
The investors that heard McFarland’s pitch thought he had a great idea. Billy raised more than $3 million in venture capital to start a Millennial social club called, Magnises. Magnises is a modern day club for Millennials that can afford a $250 annual membership fee.
Magnises members are given a black metal credit looking membership card, and that entitles them to dine or see an art show at McFanland’s West Village townhouse. Members can also book table reservations at exclusive restaurants and trendy nightclubs. Discounts on branded merchandise and hotel rooms are also available.
Magnises members are offered special deals by the partners McFarland recruited. Those partnerships have helped make Magnises a success. Magnises is making money, and the concept is only in New York, Chicago, San Francisco, and Washington, D.C. There are 12,000 current members, and applications for new memberships is off the charts. Billy plans to expand the concept to LA, London, Atlanta, and Boston in 2017.