Cardworks merrick bank1/3/2024 They are a best in class operation across their business lines.” said Peter Aberg, Co-Founder and Partner at Reverence Capital Partners. “We are excited to partner with the CardWorks team who I have known and worked with for 20 years. We have been seeking to back a consumer lending platform with an exceptional management team, and are excited to have achieved that goal.” said Zach Sadek, Partner at Parthenon Capital Partners. “Both Merrick Bank and CardWorks Servicing have been industry leaders for decades. CardWorks has substantial capital, operational scale, and decades of experience operating as a team, which will allow for continued growth of its lending businesses and expansion of its servicing client base. With operations in New York, Utah, Pennsylvania and Florida, CardWorks now employs over 1,300 associates, with all operations housed internally. We look forward to an exciting future with our new shareholders, who will each be a value-added strategic partner as we continue to grow our business.” “Founded 30 years ago and built on the principle of doing the right thing by our employees, customers and clients, CardWorks has leveraged a combination of human capital, culture, technology, and analytics to build a tremendous franchise. “CardWorks has always been a people-based business,” said Don Berman. Don Berman, Founder and CEO of CardWorks, will maintain his majority control of the company.ĬardWorks, with over $3.5 billion in assets, is a leading consumer lender, merchant acquiring bank, and loan servicer to regulated financial institutions and non-bank lenders. (PIMCO), Parthenon Capital Partners, and Reverence Capital Partners each acquired less than 10% of the company in separate transactions. Affiliates of Pacific Investment Management Co. WOODBURY, NY – CardWorks is proud to announce that its parent company has welcomed three non-controlling minority shareholders. To learn more about Merrick Bank, please visit To learn more about CardWorks, Inc., please visit Closes Transactions with Three Financial Services Investment Firms Merrick Bank is a top-15 issuer of credit cards, top 15 merchant acquiring bank, and leader in the recreational vehicle lending industry. is also the parent of Merrick Bank Corporation in South Jordan, Utah. To learn more about CardWorks Servicing, LLC, please visit CardWorks Servicing, LLC, is a wholly owned subsidiary of CardWorks, Inc. Our management expertise and customized servicing solutions enable banks and financial institutions to mitigate risk, increase profitability, and support their customers. As a leading consumer firm, we service our consumer and small business loan clients across the credit spectrum, from super-prime to non-prime, and provide comprehensive support to bank and non-bank lenders in the United States. Dataline will, in turn, be able to grow its core business with existing clients, CWS clients and new clients, generating new opportunities.Ībout CardWorks Servicing, LLC and CardWorks, Inc.ĬardWorks Servicing, LLC is one of the largest privately held providers of end-to-end operational servicing and support functions for credit card and installment loan products in North America. Our team could not be more excited about becoming part of the CardWorks family, where we see energy, excitement, enthusiasm, and a team that is committed to doing the right thing.”ĬWS will provide Dataline a greater breadth of resources, capabilities, and operational support to take their platform to an even higher level of client service. As such, the acquisition will further strengthen our end-to-end credit card and installment loan portfolio management and servicing offerings for banks, credit unions, non-bank lenders, and asset managers.”Ĭollin York, the founder of Dataline, continued, “For nearly 37 years, Dataline has partnered with financial services companies to design, develop, and implement customized business process outsourcing and financial services operations support solutions that are enabled by optimized data management. Matt Berman, Head of the Servicing Business at CardWorks, added, “Dataline has unique capabilities in payment disbursement services, data reporting and analytics, and business process automation, each of which are additive to our existing CWS capabilities.
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