WILMINGTON, Del.—Money keeps flowing into fintechs.
Fair Square Financial, the company that markets the Ollo credit card, says it has raised $100 million more from Orogen Group, the New York investment firm headed by former Citigroup CEO Vikram Pandit; Atairos Group, headed by former Comcast chief financial officer Michael Angelakis; and others, The Inquirer reported.
Pandit said Ollo's "superior underwriting" and its "latest data and machine learning technology" give it an edge in lending to middle-class Americans, in competition with the handful of big banks that dominate MasterCard and Visa, the main U.S. credit card networks.
Ollo's Rewards MasterCard charges borrowers almost 25% a year, and gives them back 2% of purchases as a premium, The Inquirer noted.