Fair Square Finanical Holdings, a newly formed company, recently launched consumer credit cards under the name Ollo.
In a press release Friday (March 24), Fair Square Financial said it received an equity commitment to finance card issuance from Pine Brook, an investment firm focused on building financial services businesses.
Fair Square Financial is led by Chief Executive Officer Rob Habgood, who has more than 25 years of credit card experience. Prior to becoming CEO, Habgood co-led the credit card business of Bank of America and held various senior roles at Capital One. The CEO also led the launch and expansion of Capital One’s consumer credit card business in the U.K.
“Almost a decade after the financial crisis, millions of Americans are still limited in their access to competitively priced card products,” said Habgood in a press release announcing the new business. “We believe there is an opportunity to better meet the credit needs of hard-working Americans, while helping them achieve their financial goals.”
Fair Square’s board is comprised of industry veterans who bring decades of experience in credit, payments and risk management to the company and were instrumental in its formation, said the company in the release.
Vikram S. Pandit, the former CEO of Citigroup and previous president and COO for the institutional securities and investment banking businesses of Morgan Stanley, has been named to the board of directors. Steven Freiberg was formerly CEO of E*Trade and held a number of senior positions at Citigroup, including CEO, Global Consumer Group, and CEO, Global Card Products, and also serves on the board for MasterCard. Freiberg will serve as chairman of the board for Fair Square. Also joining the board is Ajay Mookerjee, an eFinance entrepreneur and experienced credit card executive from Capital One, GE, Suntrust and Booz Allen and current advisor on financial services strategies for Warburg Pincus.
Pine Brook is working with the management team and the board of Fair Square Financial on the company’s strategy. “We believe Fair Square Financial’s new credit offering will meet the needs of a large population of previously underserved consumers,” said Pine Brook Co-President William Spiegel in the release.