Source: First Data
First Data (NYSE:FDC), a global leader in commerce-enabling technology and Live Oak Bancshares, Inc. (“Live Oak”) (Nasdaq:LOB) parent company to national online lender Live Oak Banking Company and to Live Oak Ventures, today announced a new joint venture to accelerate the growth of next generation digital banking services.
As part of the agreement, First Data and Live Oak will contribute their digital banking platforms, products, and services to the new company, yet to be named. First Data will own 50 percent of the joint venture and Live Oak will own 50 percent.
The deal is expected to close in the third quarter.