Born in New York City, Billy McFarland grew up in New Jersey’s Short Hills. He was just 13 years of age when he founded an online company. The outsourcing business matched potential buyers with designers. He attended Bucknell University where he studied computer engineering. He founded a social club, Magnises, which has deals and special events. This club can only be accessed with a black card. The social club’s black card is linked to one’s credit card to facilitate payment.
This metallic card gets his clients discounts in restaurants, clubs and bars. One can also get reservations for private concerts and even getaways.
According to Fortune, although Billy McFarland was in college, he opted out to found an online advertisement platform. Spling, where he serves as CEO, is a site that enables users to improve URLs appearance. This is done through turning them from text links to graphic images. These graphic images are organized on virtual bulletin as mosaics. Discovery and Universal are Spling’s foremost clients.
In August 2013, Billy founded another company, Magnises. The following year he launched the black card. The card improves member’s everyday life by offering perks, catchets and guidance. Since the card is not a credit card, it can only transfer data from an actual credit card onto the Magnises card.
The annual fee for the card is $250. There are no initiation fees and spending requirements. In 2015, the card was used by over ten thousand members. It has raised $3 million in venture capital. The card is available in Washington DC and New York City. Billy says plans are underway to expand to Chicago, Atlanta, Boston, Los Angeles and London.
Magnises targets working professionals between the age of 21 and 35. According to the CEO, the best candidates are people in the fashion industry. The tech and finance industry professionals are also sought. An online application is made by interested individuals before approval.
McFarland points out that he wants Magnises to act as a professional bridge between people working in different fields and industries. It can also be a social link between such groups of people. Billy says that the company has close to $3 million, which it generated from membership revenues. He is optimistic of future bigger and better revenue growth.