Ally Financial buys digital-first credit card company Fair Square

CHARLOTTE – Charlotte-based Ally Financial Inc. (NYSE: ALLY) has bought digital-first credit card company Fair Square Financial.

86 employees work for Fair Square and will join Ally, according to a statement from the company.  Fair Square Financial was founded in 2016 and has about 693,000 cardholders and $816 million in loan balances, Ally’s statement noted.

“The addition of Fair Square and its credit card offerings will enhance our suite of consumer products and aligns with our long-term strategy to be the leading full-service digital-bank,” said Ally CEO Jeffrey J. Brown in the statement.

Financial terms of the deal were not disclosed.

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