Magnises

According to Crunchbase, not everybody can come up with a money making idea, but Billy McFarland has more than once. When he was only 13 years old he started a business which located customers for a local business. When Billy McFarland was a freshman at Bucknell University in Pennsylvania, he started a company called Spling, which took the URL of a company and transformed it into a graphic which helped to brand the company and served as a logo. Spling is still doing business with McFarland as the CEO and it has clients such as Discovery and Universal.

McFarland’s most recent enterprise, formed in 2013, is called Magnises. Still in his 20s, Billy McFarland has the jackpot as his newest venture threatens to go very big in a hurry. Magnises is a platform that allows millennials to utilize a large range of discounts and perks at many of their favorite restaurants, clubs, bars, events, and other venues.

For the modest annual fee of $250, the “Black Card” is issued to the member where the information of the member’s debit or credit card is copied onto the magnetic strip of the Black Card. The Black Card is then used for payment at the appropriate business, and the discounts are applied automatically.

The Black Card has become somewhat of a prestige item, and it is the thing to possess. It gives millennials a common ground as they love to mingle and get together to discuss ideas, make contacts and to socialize. The concept has taken off in a big way as evidenced by a total of over 10,000 members coming aboard by the end of 2015.

There is a screening of membership as an online form is required to be filled out and subsequently to be approved by management. The target demographic is managers, entrepreneurs and professionals in the New York City area between the ages of 21 and 35.

With a recent investment of $3 million from a venture capitalist, McFarland has expansion plans and for a good reason. The business model is working well and it is time to spread the wealth. Target cities with similar potential include Boston, Chicago, Atlanta, Los Angeles and London.