Capital One has signed a definitive agreement to acquire business-to-business trade credit financing company BlueTarp Financial.
The financial terms of the acquisition were not disclosed.
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The acquisition will provide additional servicing capabilities and financial offerings for Capital One’s co-brand and private-label credit card partnerships clients.
Established in 1999, BlueTarp provides building material suppliers with a better credit programme to scale-up businesses.
Based in Portland of Maine, the company provides B2B credit management programmes to merchants and small and medium-sized companies.
It enables a seamless purchase-to-payment process including accounts receivable management tools, cash flow and risk protection among other features.
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By GlobalDataCapital One Card Partnerships senior vice-president Buck Stinson said: “BlueTarp offers a unified purchase-to-payment system. It fosters strong banking relationships with large merchants and small- to medium-sized businesses alike.
“We are looking forward to integrating BlueTarp and its innovative technology and services into Capital One’s card partnerships business, enhancing our service capabilities for existing and future partners.”
After the deal, BlueTarp will continue to be based at Portland. Furthermore, it will offer the same products and services to its clients.
BlueTarp CEO Scott Simpson said: “As an emerging leader in the business-to-business credit management industry, we were eager to identify a like-minded partner who could help us transform this sector on a much larger scale.
“We look forward to leveraging our fully developed trade credit technology platform and delivering significant value to Capital One’s existing and future partners.”
Subject to customary closing conditions, the BlueTarp acquisition will close in the third quarter of 2019.
