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Vervent swoops on Total Card Solutions

Lending as a Service (LaaS) firm Vervent has entered the credit card market by snapping up Total Card Solutions.

Financial terms of the transaction were not revealed.

With a presence in the credit card space for more than two decades, Total Card has two global operations centres. The firm’s staff headcount is over 400.

“Their addition to Vervent’s tech-forward, proven, compliant, and efficient approach will continue to position the company for future success,” noted the LaaS firm.

Commenting on the takeover, Vervent CEO and founder David Johnson said: “Expanding Vervent’s Lending as a Service (LaaS) value chain with the acquisition of Total Card, now Vervent Card, makes a lot of sense.

“We are excited to grow our footprint in the credit card marketplace to support our clients with a one-stop shop for credit card origination, underwriting, and servicing.”

The deal comes after Vervent’s funding round with private equity firm Stone Point Capital and merger with Portfolio Financial Servicing Company (PFSC).

Formerly First Associates, Vervent currently offers credit card servicing, and card marketing and customer acquisition, loan and lease servicing, call centre services, backup servicing/capital markets support.

M&A activities have been rampant in the card industry lately.

Last month, US-based payments technology company InComm Payments acquired Brazil’s closed-loop gift card processor Todo Cartoes.

Visa recently acquired fintech firm YellowPepper while Ukheshe signed a deal with Mastercard to acquire its payments technology provider Oltio.

Mastercard also recently closed its acquisition of American financial data aggregation service provider Finicity.

This August, Brazilian credit card processor StoneCo inked a stock and cash deal to buy software company Linx.

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