6 Transfers within Stash between your investment portfolio cash and your bank account are instant, eliminating the wait times that can come with external bank account transfers. Money should be available about 10 minutes after you complete deposit.) You also have access to over 19,000 fee-free ATMs nationwide, as well as fast cash deposits with no extra fee at participating retailers like CVS Pharmacy, Walgreens, and Walmart. The FDIC-insured digital bank account has no overdraft fees, no minimum balance fees, no monthly maintenance fees, and no set-up fees. 2 We want you to save and grow your money, not worry about hidden fees-so we don’t charge any. Instead of points that might expire, we want to give you stock that can actually grow in value over time and help keep you out of credit card debt. 1 Use our debit card to shop at well-known brands, and we’ll reward you with pieces of matching stock. Your online bank account with Stash is designed to help you achieve greater financial freedom through smart money management. Merrick Bank is also a top-15 credit card merchant acquirer, clearing over $40 billion in transaction volume per year for more than 80,000 merchants and 40 independent sales organizations.Simple investing and smart banking are at the core of every Stash subscription plan. Merrick Bank also provides installment finance options to consumers through marine and recreational vehicle dealers throughout the country, as well as personal installment loans through digital channels. Founded in 1997 as a wholly owned subsidiary of CardWorks, Merrick Bank is an FDIC insured top-15 Mastercard/Visa issuer of credit cards. CardWorks provides lending and merchant acquiring services through Merrick Bank. Carson Smithfield, LLC provides post-charge-off debt recovery services. Servicing more than 6 million accounts, CardWorks Servicing, LLC is the premier independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing, LLC and Carson Smithfield, LLC. Parthenon was advised on the transaction by Kirkland & Ellis LLP and CardWorks was advised by Wachtell, Lipton, Rosen & Katz.įounded in 1987, CardWorks is a diversified consumer finance and payments company, operating three principal lines of business: Servicing, Lending, and Merchant Acquiring. The terms of the transaction are confidential. I am humbled by the opportunity to join the Board of this iconic financial technology franchise that excels in consumer lending, payments and servicing and contribute to its continued success on behalf of its employees, clients and customers for many years to come." "We value our partnership with Don, Dan Pillemer, and the entire CardWorks team. "Having known Don Berman and the unique franchise he has nurtured at CardWorks for nearly 30 years, I am thrilled to expand our investment in the company," said Golson. "I am confident that Brian’s perspectives and experience will be valuable as we work together to grow our business as a people-centric, compliance-focused organization enabled by data and technology." "Furthermore, I am excited to welcome Brian Golson to CardWorks’ Board," Berman added. I am pleased that Parthenon’s confidence in CardWorks has merited an additional investment." In connection with the transaction, Parthenon’s co-CEO and managing partner, Brian Golson, will join CardWorks’ Board of Directors.ĭon Berman, CardWorks founder, executive chairman and majority shareholder, commented, "Everyone at CardWorks has benefited from having Parthenon Capital involved in our company as shareholders and partners over the last four years. AUSTIN, Texas, February 15, 2022-( BUSINESS WIRE)-Parthenon Capital is pleased to announce that it has made an additional investment in CardWorks, Inc., the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield.
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