DeltaCap Acquires Massy’s Credit Card Portfolio | Company

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Private equity firm Delta Capital Partners, or DeltaCap, has acquired 100% of Massy Card Barbados’ credit card portfolio, adding a ninth asset to its portfolio.

The acquisition price has not been disclosed.

DeltaCap also said Thursday that it was contractually prohibited from disclosing the value of the acquired portfolio.

Delta received regulatory approval for the deal last month, after which the announcement of the acquisition was made Oct. 5 at the Fintech Islands conference in Barbados.

Established in 2020, Delta Capital is the parent company of Delta Financial Services, Delta Health and Wellness, Delta Real Estate, Delta Industrial, Delta Industrial, Delta Hospitality, Delta Fintech and Delta Media and Entertainment.

The Barbados-based company’s credit card portfolio was purchased through Delta Payments Services Barbados Limited, a subsidiary of Delta Financial Services, and would be DeltaCap’s most expensive acquisition to date.

Massy Card Barbados, part of the Massy Holdings group, will continue to operate its remittance business, DeltaCap said Thursday, saying the acquisition agreement only relates to the credit card portfolio.

Since its inception in 2020, DeltaCap has acquired a minority stake in CaribShopper, Senit, Link 2 Lenders, Qanik, P2 Controls, Piarco Air Services and Irie Jam at prices between $500,000 and $3 million. Delta Payments Services, a Jamaica-based fintech payment platform, is currently the only company in which Delta Capital has full ownership.

Massy, ​​a 99-year-old company, has issued some 30,000 credit cards and loyalty cards to consumers in the Eastern Caribbean for the purchase of goods and services. The acquisition of the credit card portfolio is expected to increase DeltaCap’s assets from US$75 million to approximately US$300 million.

Earlier this year, DeltaCap co-founder Zachary Harding told the financial gleaner that the company had raised US$12.5 million to fund its acquisitions.

Harding, who is the executive chairman of DeltaCap, is currently in talks with card payment platform Mastercard to issue credit cards.

Over time, the cards are expected to be renamed DeltaPaay and will allow cardholders to access global financial services, in addition to health services through Delta’s telehealth platform, Delta Health and Wellness.

“For Caribbean finance, this is like moving from hand-delivered mail to email. DeltaPaay will enable a wider range of people in the Caribbean, including the unbanked, to participate in the modern digital economy, including paying for goods and services online. Most importantly, our employees will have access to payment for online healthcare services through Delta’s telemedicine platform, even if they don’t have a bank account,” Harding said in a press release.

All ongoing card operations and programs, including loyalty programs, will continue during Massy’s transition to Delta Capital.

DeltaCap is owned by Harding, Hugh Croskery, Anthony Dunn, Allison Hemmings and Ivan Carter.

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