Avantcard in Tesco Irish credit card swoop
Avantcard has reached an agreement with Tesco Bank to acquire the UK retail giant's Irish credit card portfolio, subject to regulatory approval.
Existing Tesco Bank customer accounts will be migrated to the Avantcard platform when the integration is complete.
It is expected that the transition to the new credit card will be carried out in autumn, underpinned by a comprehensive communication plan.
Based in Leitrim, Avantcard has been servicing customers in Ireland for over 20 years.
Avantcard arrived in Ireland in 2012, when it bought the MBNA credit card business.
Last year, the consumer finance firm re-entered the Irish market with a fresh digital and customer-service-led approach in a bid to acquire new customers.
The company also has an office in Dublin and employs approximately 200 people in Ireland.
Managing director Chris Paul said that Avantcard's strategy is to be a leading consumer finance provider in Ireland by 2020.
"This will be achieved through ongoing product innovation, continuing investment and strategic partnerships," he said.
Will Curley, director of transactional banking at Tesco Bank, said that they believe that their customers will be well served by Avantcard's strong digital servicing platform.
"Our priority now is to work closely with Avantcard to ensure a seamless transition for our customers to their new credit card provider", he said.
In 2017, Avantcard partnered with Chill Money, acting as issuer and servicer for its loans and credit cards.