Vikram Pandit's PE firm invests $100 million into financial inclusion credit card
Fair Square Financial has received a $100 million equity investment from the Orogen Group to fund a credit card designed for underserved U.S. consumer segments.
The Orogen Group was created in 2016 by Vikram Pandit, who was CEO of Citigroup from 2007 to 2015, and by Philadelphia-based Atairos Group. Orogen focuses on financial services companies and has made prior investments in the financial IT consultant Virtusa. Pandit has also invested in the cryptocurrency exchange Coinbase after leaving Citigroup.
Fair Square, of Wilmington, Del., is a "cardtech" firm that uses data analysis to assess a consumer's individual risk for credit, which the company contends allows it to offer credit cards to consumers that other card issuers may have overlooked. Fair Square offers cards under the Ollo brand.
The Orogen investment builds upon the initial 2016 equity commitment of $200 million by the financial services-focused private equity firm Pine Brook.