Capital One acquires BlueTarp
BlueTarp’s customers include pro dealers and independent hardware stores.
Capital One, the financial holding company, is acquiring BlueTarp Financial.
Based in Portland, Maine, BlueTarp provides customized business-to-business credit management programs to merchants and small- to medium-sized companies including pro dealers and independent hardware stores.
In a statement, Capital One said that BlueTarp’s programs will provide additional servicing capabilities and broader financial offerings for the financial company’s co-brand and private-label credit card partnerships clients.
“BlueTarp offers a unified purchase-to-payment system and fosters strong banking relationships with large merchants and small- to medium-sized businesses alike,” said Buck Stinson, senior vice president of card partnerships at Capital One. “We are looking forward to integrating BlueTarp and its innovative technology and services into Capital One’s card partnerships business, enhancing our service capabilities for existing and future partners.”
BlueTarp’s clients include national and regional business-to-business suppliers across a variety of industries including office supplies, hardware, home building, building materials, lumber and supplies, tools and equipment and many more. Founded in 1999, BlueTarp was created to give building material suppliers a credit program that delivers cash flow so that they could invest in their business and grow sales while protecting themselves from risk.
“As an emerging leader in the business-to-business credit management industry, we were eager to identify a like-minded partner who could help us transform this sector on a much larger scale,” said Scott Simpson, CEO of BlueTarp. “We look forward to leveraging our fully developed trade credit technology platform and delivering significant value to Capital One’s existing and future partners.”
Portland will remain as the home for BlueTarp, which will continue to provide enterprise merchant partners with the same products and services, Capital One said. Terms of the deal were not revealed.
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