Card Acquisition, LLC Sells Minority Stake to Raise Capital

Card Acquisition, LLC a leader in providing alternative debt recovery solutions to the Accounts Receivable Management industry, has announced the sale of a minority stake to Credinvest, LLC, a private equity group. Terms of the transaction were not disclosed.

The Company’s core product is The Affirm Card ®, a branded MasterCard® used to provide consumers with a “balance transfer” option when settling a delinquent account.  The “balance transfer” product is a proven recovery tool used by many of the industry’s largest debt buyers. Card Acquisition has demonstrated that The Affirm Card ® program adds a liquidation “lift” to virtually all types of consumer debt portfolios over and above traditional cash collection efforts.

“We’re pleased to add new investors who understand the growing market demand for our product and who bring strategic relationships in addition to new capital,” said Michael J. Philippe, President and Chief Executive Officer of Card Acquisition. “The new capital coupled with a recently established bank line will be used to fund receivables growth in our rapidly expanding Affirm Card ® business.”