A group of financial industry veterans from credit card issuers have established a new card company and rolled out their new consumer credit cards under the brand ‘Ollo’.
The new card company, named Fair Square Financial Holdings, has secured a significant equity commitment from Pine Brook, an investment firm focused on building financial services businesses.
Headed by the CEO Rob Habgood, the newly established card company’s headquarters is located in Delaware, US.
With over 25 years of credit card experience, Habgood previously co-led the credit card business of Bank of America. arlier, Habgood worked in management roles at Capital One, and managed the launch and expansion of Capital One's consumer credit card business in the UK.
Habgood said: “Almost a decade after the financial crisis, millions of Americans are still limited in their access to competitively priced card products.
“We believe there is an opportunity to better meet the credit needs of hard-working Americans, while helping them achieve their financial goals.
"We are combining industry-proven credit card expertise with advanced analytics and technology to deliver innovative and transparent products to serve our customers' borrowing and payment needs.”
Vikram Pandit, the former CEO of Citigroup and previously president and COO for the institutional securities and investment banking businesses of Morgan Stanley, has been named to the board of directors of the new firm.
Furthermore, Steven Freiberg has joined the board as chairman. Freiberg earlier worked as CEO of E*Trade and served in various senior positions at Citigroup, including CEO, Global Consumer Group and CEO, Global Card Products, and also served on the board of MasterCard.
Additionally, Ajay Mookerjee, an e-finance entrepreneur and experienced credit card executive, has joined the board. Mookerjee has worked for Capital One, GE, Suntrust and Booz Allen. He is also the current advisor on financial services strategies for Warburg Pincus.
Besides investing in the firm, Pine Brook is collaborating with the management team and the board on Fair Square Financial's strategy. Pine Brook co-president William Spiegel and managing director Oliver Goldstein will also join the Fair Square Financial board.