Ally Financial Inc. has completed its acquisition of Fair Square Financial, a digitally-focused credit card company based in downtown Wilmington.
Ally previously disclosed the pending deal valued at $ 750 million
“The addition of Fair Square and its credit card offerings will enhance our range of consumer products and align with our long-term strategy of being the leading full-service digital bank,” said the CEO of Ally. Jeffrey J. Brown.
Fair Square is a digitally focused credit card company driving strong growth and strong credit results since its inception in 2016 by credit card industry veterans.
“Fair Square was built on the principle of providing fair and transparent credit card offerings,” said the CEO of Fair Square. Rob habgood. “We are delighted to continue to deliver compelling products with increasing momentum as we join the Ally team. “
Habgood is a banking veteran who has held positions at Capital One and Bank of America. Prior to its sale, Fair Square attracted investors including the former CEO of Citi.
The Fair Square team brings 86 employees to Ally, along with approximately 693,000 cardholders and $ 816 million in loan balances.
Fair Square offers the Olio card to individuals in the subprime market who may have difficulty obtaining a credit card. The company uses analysis and other technologies to determine creditworthiness.
The company has been viewed as a rising star in Delaware’s FinTech industry which continues to attract new and existing players.
Ally, based in Detroit, was derived from automaker GM and includes online banking, auto finance and insurance operations.
Ally has positioned itself as a user-friendly online bank with no overdraft fees.
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