A team of heavyweight financial services industry execs, led by Bank of America and capital One veteran Rob Habgood, are launching a consumer credit card business.
The new firm, called Fair Square Financial, is issuing cards under the brand 'Ollo' in a bid to tap into what it thinks is a major underserved section of the US market.
CEO Habgood previously co-led the credit card business of Bank of America and during a 25 year career has also held senior roles at Capital One.
"Almost a decade after the financial crisis, millions of Americans are still limited in their access to competitively priced card products," says Habgood. "We believe there is an opportunity to better meet the credit needs of hard-working Americans, while helping them achieve their financial goals."
A host of former card execs at major issuers make up the new firm's management team, while former Citi CEO Vikram Pandit and ex-E*Trade boss Steven Freiberg join the board.
Meanwhile, investment firm Pine Brook has made a "substantial equity commitment" to finance card issuance and is also getting two places on the board.
"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," concludes Habgood.