US credit card issuer Providian Financial has sold its interest in financial comparison Web site GetSmart.com to Lending Tree for an undisclosed amount.
GetSmart.com, which has been owned by Providian since 1999, offers consumers access to a range of loan products including mortgages, home equity loans, credit cards, and auto loans from more than 100 financial service providers.
Warren Wilcox, Providian's vice chairman of marketing and strategic planning explains the disposal: "GetSmart is a brand which, on a stand alone basis, is a non-strategic asset for Providian."
LendingTree will acquire the GetSmart brand when the deal completes in December. The firm says it expects to continue to maintain the relationships with lenders on the GetSmart network, and also offer the GetSmart platform to the more than 200 lenders on the LendingTree exchange.
Doug Lebda, founder and CEO of LendingTree, says the two brands will complement each other, as they offer distinct value propositions to both lenders and consumers looking for online loan options and alternatives.
"LendingTree brings to the table the company's expertise in filtering technology, solid lender relationships, and well-established marketing partnerships which we feel will add significant value to the proposition for GetSmart lenders and consumers as well," he says.