Enjoy complimentary access to top ideas and insights — selected by our editors. Want unlimited access to top ideas and insights? Subscribe Now
Fair Square Financial has received a $100 million equity investment from the Orogen Group to fund a credit card designed for underserved U.S. consumer segments.
Processing Content
The Orogen Group was created in 2016 by Vikram Pandit, who was CEO of Citigroup from 2007 to 2015, and by Philadelphia-based Atairos Group. Orogen focuses on financial services companies and has made prior investments in the financial IT consultant Virtusa. Pandit has also invested in the cryptocurrency exchange Coinbase after leaving Citigroup.
Fair Square, of Wilmington, Del., is a "cardtech" firm that uses data analysis to assess a consumer's individual risk for credit, which the company contends allows it to offer credit cards to consumers that other card issuers may have overlooked. Fair Square offers cards under the Ollo brand.
The Orogen investment builds upon the initial 2016 equity commitment of $200 million by the financial services-focused private equity firm Pine Brook.
Vikram Pandit, chairman and chief executive officer of the Orogen Group LLC, speaks during The Economist's Finance Disrupted conference in New York, U.S., on Thursday, Oct. 13, 2016. The conference will explore what the digital revolution means for finance and the broader economy. Photographer: Michael Nagle/Bloomberg
John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio
After French authorities stopped a bomb plot against a Bank of America office in Paris, security experts warned banks to step up their preparations for terror attacks.
Visa has deployed advanced artificial intelligence to help solve payment disputes and expedite corporate bill pay; while Mastercard adds Hong Kong to its global agentic commerce network.
Which parties are responsible for the surge persisted as a source of debate as community lenders released updated survey data reflecting their average expense.
The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.
