BancVue of Austin, Tex., is exiting the credit card business in order to devote more attention to its primary business of helping banks and credit unions attract more customers through high-yield checking and savings products.
The company announced late Tuesday that it is selling its $120 million credit card portfolio that itself
A sale price was not disclosed. First Arkansas said the card division would remain in Atlanta and would retain its management team.
BancVue is a consulting firm that helps small banks and credit unions pool their resources to offer high-yield and rewards accounts and help them better compete with large banks. Its primary product, Kasasa, is now offered at nearly 130 banks and credit unions and has so far brought in more than $1.7 billion of deposits.
In a news release, BancVue Chief Executive Gabe Krajicek said the sale of the credit card portfolio was a strategic move that will allow the company to better focus on its core mission "of empowering community banks and credit unions to win the war against megabanks."
