Billy McFarland, 23, is a college-dropout and the founder of an exclusive new club called Magnises, a platform that enhances the social and professional lives of millennials.
With $1 million raised in venture capital, Magnises has secured over 6,000 members, each of whom pay $250 annually, since its inception last year. Eighty-five percent of the cardholders are between 21 and 29 years old.
The card’s biggest feature is that you could transfer data from your current credit card into the Strip of the Magnises card and use it in place of the original.
Members also have access to perks such as last-minute restaurant reservations and other requests with their concierge app.
They also have access to exclusive events and parties filled with free booze at a rented penthouse at the Hotel on Rivington in New York.
McFarland says that up to 200 people could show up at the penthouse any given night.
This summer, Magnises offered their members free seats on a private jet flying from Washington D.C. to the Hamptons.
Other perks have included backstage passes to concerts, studio sessions with music artists, and test drives of Teslas.
On his success at the age of 23, McFarland explained: “I started a few companies before college, so I knew that was what I wanted to do. In middle school I was sneaking cell phones into class to be in contact with customers, and in high school I was leaving school to hold lunch meetings. When I got to college and realized I could actually just not do the whole school thing and spend my entire day building a business, it was a no-brainer.”
The road to success is always bumpy and Mcfarland is no different. In June, he was sued for “vandalizing” an apartment in West Village rented for Magnises events causing over $62,000 in damages, according to the NY Post. The damage was said to be caused by all the parties they threw. When asked about the suit, Mcfarland told Business Insider: “We outgrew the space.”
While many see college as a way to create future job opportunities, McFarland saw college as a distraction. The term dropout never appealed to McFarland, but over time he realized it was inevitable.
“I avoided the word dropout with them at all costs for the first year and a half. I kept saying I was taking a leave of absence, but after three semesters I wasn’t fooling anyone.”
“The most important thing we look at when building our community is making sure we are industry-diverse and have an equal number of people from the technology, media, fashion, finance and entertainment industries.”
Some notable members of Magnises includes actress Rosario Dawson, former NBA all-star Baron Davis, and musician French Montana.
While some are raving about the exclusive new club, others criticize it as pompous and elitist. However, McFarland is confident in the services his company provides.
“Magnises members are connected by their desire to meet people from different industries, try new products, and make the most of their city through our experiences. If you’re after that, Magnises is for you. If the people criticizing share a similar mindset, we’d love for them to try Magnises and see what it’s really like.”
McFarland believes that Magnises represents the future of the millennial lifestyle. He said of Magnises’ future: “We have a long way to go. Magnises will not be a success until every urban millennial views it as a professional and social must-have.”