Ally Financial Inc. announced it has closed its acquisition of Fair Square Financial, a digital-first credit card company.
Latest Fintech Insights: SEBA Bank Launches Cross Asset Platform for Actively Managed Certificates (AMCs) on Crypto and Blend Portfolios Through GenTwo Digital’s Securitization Infrastructure
“The addition of Fair Square and its credit card offerings will enhance our suite of consumer products and aligns with our long-term strategy to be the leading full-service digital-bank,” said Ally Chief Executive Officer Jeffrey J. Brown.
Fair Square is a customer-centric, digital-first credit card company generating strong growth and solid credit results since being founded in 2016.
“Fair Square was built on the premise of providing fair and transparent credit card offerings,” said Fair Square Chief Executive Officer Rob Habgood. “We are excited to continue delivering compelling products with growing momentum as we join the Ally team.”
Browse The Complete News About Fintech : DeFiChain Launches Decentralized Asset Token Classes and Stock Token Trading
The Fair Square team brings 86 employees to Ally, alongside approximately 693,000 cardholders and $816 million in loan balances.
Citi served as lead financial advisor, Goldman Sachs & Co. LLC also served as a financial advisor and Sullivan & Cromwell LLP served as legal counsel to Ally. J.P. Morgan served as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Fair Square Financial.
Read More About Fintech News : PayPal Powers Pay Later Offerings for Wix Merchants This Holiday Season
[To share your insights with us, please write to sghosh@martechseries.com]
