Founded in 2014 by college drop-out and entrepreneur, Billy McFarland, Magnises is a private club for elite millennials. They want to assist members build the perfect network. Each member gets a personalized black card, which gives the young professionals special access to events and deals in some of the largest cities, including New York City and Washington, DC.
The member’s car can be linked to your bank and credit card for payment, but the biggest benefit is the perks that come along with the owning the member’s card. The Magnises card gets members discounts at bars, clubs, restaurants, and also gives members access to reserving special experiences like private concerts and getaways.
The company on angel.co brings the benefits of online social networking, like immediacy, accessibility and interaction into millennial’s real-life world. It combines the digital and physical layer over the city.
At first, the members-only card was designed to look like the exclusive American Express Black Card, even though the Magnises card only copies the information on a pre-existing debit or credit card. Very quickly, the company’s offerings expanded, giving members VIP club access, a virtual assistance, hotel discounts, private member spaces and secret restaurant menus in secret dining rooms. Magnises’ founder, Billy McFarland, created the company to represent the idea of leveling up his members’ lives.
The entire membership is only $250. If a member goes to a hockey game with front row seats and an open bar, for example, the membership pays for itself. Members also appreciate the virtual assistant on Crunchbase, which can be used for things like booking a restaurant while you’re busy doing other things.
Membership isn’t open to everyone however. Those interested must apply for the opportunity of owning a Magnises card. The membership base is created to blend a mix between genders and industries and membership is currently in high demand. In early 2016, Magnises has taken on $4 million in investment and expects around $5 million in revenue for the current year.
Members find that the best value is in the community of members. Members get a good mix of networking with different people from different industries from the arts to finance. Magnises always informs members about the latest hip spots; it can recommend new activities and can even make introductions for you to different people. Magnises provides functional software for members’ social and professional life.
Most people are curious how Magnises make its money since their membership price seems slight in comparison to the member benefits. The majority of Magnises revenue comes from providing an interface between the millennials and brands. Companies pay a pretty penny to host branded events for Magnises’ members, who may not even be aware that they are being advertised to.
Magnises has created a new way of marketing. This exclusive club provides authenticity not provided by Facebook or Twitter, joining lifestyle and brands to create the perfect social lifestyle for millennials.