Credit, Collections & Insolvency News
Bank of Ireland has announced that it is selling its UK credit cards business for £530 million. The portfolio, which includes cards for the Post Office and the AA. The portfolio will be sold to special purpose investment vehicles advised by affiliates of Centerbridge Partners Europe and Jaja Finance.
The acquisition is part of Jaja’s strategy to become a major player in the UK credit card market. The company aims to lead the UK credit card market through offering digitally-led products with a customer proposition built around simplicity, functionality, service and security London,
Jaja is led by Chief Executive Officer Neil Radley. It was founded by London-based Norwegian entrepreneurs – Jostein Svendsen, Kyrre Riksen and Per Elvebakk – each with a successful track-record of launching and scaling technology-led financial services businesses internationally.
Jaja’s technology platform has been built to offer customers a digitally-led experience focused on simplicity, functionality, service and security features. The acquisition forms part of Jaja’s strategy to scale its UK credit card business by working in partnership with other financial institutions and consumer brands. This acquisition will build on Jaja’s portfolio which includes its own brand credit card, and a point of sale financing solution with ASDA’s George.com.