Cardworks is a non prime credit card and consumer finance lender with $4.7bn in assets.
The deal is set to close in Q3.
Following the deal, Ally will serve over 11mn customers across the US.
Ally originated as an auto finance company, but has expanded into other services such as online banking. The deal will enable Ally to enter the credit card and merchant acquiring sectors.
The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms
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