A team of former executives from leading credit card companies is launching a series of new consumer credit cards under the brand "Ollo." The newly formed company, Fair Square Financial Holdings, has received an equity commitment to finance card issuance from Wilmington-based Pine Brook, an investment firm focused on building financial services businesses.
“Almost a decade after the financial crisis, millions of Americans are still limited in their access to competitively priced card products," said Fair Square CEO Rob Habgood, who co-led the credit card business of Bank of America and held senior roles at Capital One. "We believe there is an opportunity to better meet the credit needs of hard-working Americans, while helping them achieve their financial goals."
Fair Square's board is comprised of industry veterans:
Steven Freiberg, former CEO of E*Trade, will serve as chairman.
Vikram S. Pandit, the former CEO of Citigroup, has been appointed to the board.
Ajay Mookerjee, an e-finance entrepreneur and credit card executive from Capital One, GE, Suntrust and Booz Allen, has been appointed to the board
Pine Brook Co-President William Spiegel and Managing Director Oliver Goldstein will also serve on the Fair Square Financial Board.
Pine Brook is working with the management team and the board on Fair Square Financial's strategy.
"We believe Fair Square Financial's new credit offering will meet the needs of a large population of previously underserved consumers," Spiegel said.
Joining Habgood on the senior management team: Chief Risk Officer Scott Bourdreau, previously consumer credit risk executive at Bank of America; Chief Marketing and Product Officer Florian Egg-Krings, previously managing director of credit card services at JP Morgan Chase; Chief Financial Officer Steve Linehan, previously treasurer at Capital One; Chief Operating Officer Rick Welsh, previously card operations executive at Bank of America; and General Counsel and Chief Administrative and Corporate Development Officer David Tyler, previously chief bank business risk officer at Capital One.