SOURCE: FS Card

FS Card

October 30, 2014 08:00 ET

FS Card Inc. to Launch Build Card in 2015

Build Card to Deliver Affordable Credit With Transparent, Up-Front Pricing to Empower Cardholders

WASHINGTON, DC--(Marketwired - Oct 30, 2014) - FS Card Inc., a new entrant offering fairly priced credit for mass-market consumers, today announced its plans to launch the Build Card in 2015. The Build Card is an affordable small dollar credit product with easy to understand terms, features, and benefits for cardholders. Working with a bank partner, the Build Card will leverage advanced analytical techniques, a sustainable product design, and behavioral incentives to empower millions of Americans to save billions of dollars.

"Today, we face a constrained market for reasonably priced credit because the supply cannot keep pace with demand," said FS Card CEO Marla Blow. "We have done extensive research into how best to responsibly meet the needs of consumers in a way that also satisfies stakeholder calls for positive change in small dollar lending. We are excited to introduce Build, and we believe that as a lower total cost credit option it will help cardholders save billions of dollars in fees and interest compared to available alternatives."

The Build Card will apply an upfront pricing approach that is informed by deep industry experience, unique regulatory expertise, and market-leading credit insights. When compared to other small-dollar lending vehicles in the market, the Build Card offers a lower total cost of credit for cardholders. The Build Card will emphasize responsible behavior through incentives and rewards that are tied to habitual on-time payments in excess of the minimum.

FS Card Board Member and Fenway Summer Managing Partner Raj Date added, "The mass market credit card opportunity is one of the most promising business prospects in the industry today, and I am thrilled to be a part of the Build launch. The FS Card team has years of credit, operational, legal, and regulatory experience, and brings to bear all of the sophistication and knowledge needed to build a truly remarkable and transformational small dollar lending product."

For more information about the Build Card visit: www.thebuildcard.com.

Fenway Summer and FS Card are sponsors of Money2020. To schedule a visit with a member of the FS Card team at Money2020, please contact Jesse Mayer at jesse.mayer@fenwaysummer.com or 202-864-6231.

About FS Card Inc.

FS Card Inc., a Fenway Summer Company, is a Washington D.C.-based credit card venture designed to move small dollar loan customers into more affordable products. The FS Card team features market-leading credit, capital markets, and regulatory capabilities, and is developing a unique underwriting platform that will transform small dollar lending. FS Card is committed to offering simple, fair, and transparent credit card products. The Build Card is the first product from FS Card. Learn more at http://www.thebuildcard.com.

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