According to Crunchbase, Billy McFarland is a young entrepreneur who as come a long way in the industry in a relatively short amount of time. He is the current founder and CEO for both Spling and Magnises, with Magnises being his more well known company. This company acts as a social club to wealthy millennials of the generation, or individuals from the 1982 to 2004 age group.
The flagship for the Magnises company is their black card, a metal membership card that can be linked to each clients banking information, which then allows them to use the card at a variety of different establishments throughout New York City for different perks and discounts.
The black card at Magnises is a statement for millennials to show off with, and for those with active social lives, this card it perfect for experiencing a host of benefits from partying to clubbing. After having a long and deep conversation with some of his friends, Billy McFarland discovered on the idea for Magnises, as other companies with cards, such as American Express, had good marketing, they had perks that were useless for the twenties age group. Billy wanted his card to be a status symbol with perks and uses that the millennials actually wanted.
Since founding Magnises in 2013, the social club has built up more than 50 partnerships with other businesses, from restaurants to gyms, all of which provide perks and special discounts to black card members. The cost of having a black card from Magnises is a $250 annual fee.
Magnises is based in a beautiful hotel in Rivington, on the lower east side of Manhattan, to appease to the new generation professionals. The penthouse at Magnises also functions as a clubhouse for its members, where private events can be held, along with meetings, lectures, parties, and much more that goes on there.
Since first launching, the social club has managed to raise millions in funding, and has become self sufficient. Billy McFarland says he is on the active lookout for new members and businesses partnerships to add perks for his millennial clients. Billy’s decision to leave college and follow his business efforts was the right decision, as he has accomplished more than more could dream at just 25 years old.