Carrick-on-Shannon based Avantcard to acquire Tesco Bank Irish credit card portfolio

Carrick-on-Shannon based Avantcard to acquire Tesco Bank Irish credit card portfolio

Carrick-on-Shannon based Avantcard, a dedicated consumer finance business and leading provider of credit card and personal loan products in the Irish market, has confirmed that it has reached agreement with Tesco Bank to acquire its Irish credit card portfolio, subject to regulatory approval. 

Existing Tesco Bank customer accounts will, in due course, be migrated to the Avantcard platform, where they will join existing Avantcard customers in enjoying a range of benefits such as online credit card servicing, a newly launched contactless card functionality, exciting offers and competitions through their partnership with Mastercard, 24/7 assistance should they need it, and easy access to personal loans through their new digital platform. 

Avantcard’s consumer finance heritage is strong.  Their team, based in Leitrim, has been servicing customers in Ireland for over 20 years, developing and adapting the business over time.  In early 2017, Avantcard re-entered the Irish market to acquire new customers with a focus on digital fulfillment and service excellence.

Chris Paul, Managing Director of Avantcard said, "We are delighted to have reached agreement with Tesco Bank.  As a dedicated consumer finance business, we have built up a team of experts who specialise in the area of resolving customer credit needs.  Avantcard’s strategy is to be a leading consumer finance provider in Ireland by 2020, and this will be achieved through ongoing product innovation, continuing investment and strategic partnerships.  We look forward to welcoming Tesco Bank’s customers to Avantcard, where we have an award winning team dedicated to service excellence and delivering customer focused, best in class, consumer finance products."

Will Curley, Director of Transactional Banking, Tesco Bank said, "Avantcard have invested significantly in their business in recent years, and we believe that our customers will be well served by their 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”.

Subject to regulatory approval, Avantcard will welcome Tesco Bank customers to the company by this Autumn. They will work alongside Tesco Bank to create a comprehensive communication plan to ensure every customer has a seamless transition to their new credit card provider.

This announcement follows Avantcard’s partnership with Chill Money in 2017, acting as issuer and servicer for its loans and credit cards.

The Company, headquartered in Carrick-on-Shannon, with an office in Dublin, employs approximately 200 people in Ireland.

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