American credit card firm CreditShop has received $1.3bn in debt funding to power its growth plans.
The funding was arranged by Swiss investment bank Credit Suisse.
Go deeper with GlobalData
With the fresh infusion, CreditShop intends to expand credit card receivables and new card accounts.
CreditShop shareholder and Värde Partners senior managing director Aneek Mamik said: “The new credit facility, along with Värde’s existing equity investment, will enable CreditShop to pursue its ambitious receivables growth goal and also invest in building the platform.
“We received strong investor interest and are pleased that CreditShop’s strategy and expansion plans resonated with our financiers.”
Meanwhile, CreditShop named Jim Peterson as its new CEO and board member.
Peterson most recently worked as the head of consumer product at TD Bank (US). He managed the retail product portfolio, product innovation, and card activities at this firm.
He also had stints at JPMorgan Chase, Johnson & Johnson, and Proctor & Gamble.
Commenting on the new appointment, CreditShop chairman Peter Herbert said: “Jim’s deep experience leading consumer financial services businesses, expertise as a consumer marketer, and proven track record of success match our ambition to cement our position as a leader in credit cards for the middle-market consumer.”
Notably, last year, CreditShop signed an agreement with TSYS to support its new credit card programme Mercury Mastercard.
