From Revolut opening its new global headquarters to Luxury Card refreshing its card lineup, Andrew Davidson breaks down the key developments redefining the financial services industry. He also interviews David Johnson, CEO and Founder of Vervent, and discusses SoFi’s credit card expansion.
Want to discover more of Andrew’s cutting-edge insights on financial products, marketing strategies, and industry innovations? Follow him on LinkedIn, or listen to him as the host of Mintel’s Little Conversation podcast.
Here are the 5 things you need to know:
1. Interview with David Johnson: CEO and Founder of Vervent
In this episode of the Mintel Little Conversation podcast, I sat down with David Johnson, CEO and Founder of Vervent.
We cover:
- The hidden role of Vervent in powering subprime credit card brands like Revvi, First Digital, and Embark
- How Vervent is navigating economic uncertainty and supporting subprime consumers amid inflation and rising debt
- Vervent’s product innovation, including cash back on payments and intro cash advance offers, designed to encourage responsible usage
- The strategic rationale behind launching multiple brands, each tailored to specific credit profiles and risk bands
- The marketing and operational challenges of building trust and transparency in a segment often criticized for high fees and APRs
💡Opportunity to scale
- Behind-the-scenes impact. Vervent plays a critical behind-the-scenes role in the subprime credit card space, powering brands like Revvi, Total Card, and First Digital. While not a household name, its focus on trust, speed, and innovation helps deliver financial products to consumers often overlooked by traditional institutions.
- Growth through innovation. Launched during the 2008 financial crisis and expanded during COVID, Vervent’s story is one of resilience and responsible growth. By offering multiple brands tailored to different credit profiles, the company has built a scalable model that meets diverse consumer needs while maintaining transparency and control.
- Rewarding responsible behavior. With features like 1% cash back on payments, a first in the subprime segment, Vervent is incentivizing better financial habits. This “carrot over stick” approach is helping cardholders pay more than the minimum and positioning Vervent for responsible growth.
- Looking Ahead. As the industry continues to evolve, Vervent is expanding its brand portfolio and doubling down on product innovation. Its ability to adapt and deliver value in a challenging segment makes it one to watch for the future.
2. Revolut opens its new global headquarters
In September, London-based fintech Revolut opened its new global headquarters in Canary Wharf, raising the Revolut logo into the skies next to global powerhouses HSBC, Cit,i and Barclays.
I happened to be in London at the same time and couldn’t help noticing that there were Revolut ads everywhere, from TV to the London Underground.
Shortly after my return, the company ramped up its efforts to establish a foothold in the U.S., announcing the launch of a new high-yield savings account with an APY of 4:00% to 5.50% (depending on subscription tier) for balances below $10,000. Paid YouTube ads quickly followed.
💡Signal of intent
- Projecting confidence. In the age of digital and remote/hybrid working, putting a stake in the ground with a flash new physical office is a power move and a confident declaration that a company is not only here to stay but wants to compete with the top global players in the industry and attract top talent.
- Unknown in the U.S. Revolut has 65 million customers in 48 countries and says it wants to reach 100 million. Key to that strategy will likely be cracking the highly competitive U.S market where Revolut is relatively unknown and is seeking a banking license. Despite the competition, as a global financial services super app it has the potential to stand out from fintech competitors like Chime, SoFi and Cash App.
- US timing? If Revolut wants to IPO in the US in 2026 per speculation, then it will want to build up its brand presence in the U.S market. The company spent around $500 million in marketing in 2024 but that was global. For comparison Chime spent around $500 million in marketing in the lead up to its IPO but that was only in the U.S. The appetite for fintech IPO’s is strong so once the banking strategy is locked down, I’m looking forward to Revolut introducing itself to US consumers in a big way staring with its new high-yield savi
3. Merrick Bank relaunches Ollo Credit Cards
Merrick Bank has relaunched the Ollo credit card brand, bringing back five refreshed Ollo card products to market.
It’s been a journey, here’s the recap:
- 2016 Fair Square Financial is founded
- 2017 Ollo Card launched
- 2020 Ally to acquire CardWorks/Merrick Bank but the deal falls through
- 2021 Instead, Ally acquires Fair Square
- 2022 Last Ollo offers observed on Comperemedia
- 2025 CardWorks/Merrick acquires Ally’s credit card business
- 2025 Ollo cards relaunched as a co-branded Merrick cards!
💡It’s back!
- A journey that shows staying power. Ollo has changed hands, paused, and relaunched, yet it keeps coming back. That persistence shows the brand struck a chord with consumers who often feel overlooked. In today’s environment, with household budgets stretched and access to responsible credit more important than ever, Ollo’s return positions Merrick to meet a very real and growing need.
- Rewards where few dared. From the start, Ollo stood out by offering cash-back in a segment that usually only got “plain vanilla.” It blurred the line between credit repair and value creation, giving non-prime consumers a seat at the rewards table and now expands Merrick’s position as a top 20 issuer with more than 10 million customers.
4. Luxury Card refreshes its card lineup
There has been a lot of buzz around premium credit cards this year, but Luxury Card (formerly Black Card) has been in the game since 2008.
In a timely move, the company, with cards issued by Barclays, has refreshed its lineup, raising fees and layering in more value.
- Mastercard Gold: 24-karat gold ($1,199 annual fee)
- Mastercard Black: black PVD-coated metal ($699)
- Mastercard Titanium: brushed metal ($299)
- 24/7 concierge services via mobile app
- Rewards structure of 2% value on airfare and 1-2% cash back
- New travel booking tool with 2X earn on airfare and hotel bookings, plus up to $750 in annual hotel benefits
- Priority Pass lounge access at more than 1,700 locations and additional airline credits
- Tiered benefits valued between $1,500 and $2,500, depending on the card
💡Can Luxury Card STAND OUT?
- Luxury who? Despite offering premium credit cards since 2008, Luxury Card is far from a household name. That is deliberate as the brand has always aimed at a narrow audience. Competitors like Amex, Chase, and Citi rarely acknowledge it, yet its enduring partnership with Barclays points to a steady, sustainable business.
- The challenge of standing out. With consumer demand for premium cards surging, Luxury Card has a window to grow. Its new tagline “stand out” signals individuality, but the more important test is whether the brand itself can stand out in a market crowded with big names. One advantage is its concierge service, which has long been a centerpiece and is now fully embedded in its app. If Luxury Card invests in visibility, highlights the concierge, and positions the app as a premium gateway, it could carve out space even as attention tilts toward Amex, Chase, Capital One and Citi.
5. SoFi’s credit card expansion
With 11.7 million members and just 344K credit cards, there’s massive room for growth in SoFi’s card business. After launching two new products last year alongside its flagship Unlimited 2% Card, it seems more are on the way.
A newly posted job for a Credit Card Lead, New Products caught my eye. The mission? Lead the end-to-end development of a new, innovative card.
Interestingly, SoFi is seeking candidates with charge card experience, an intriguing hint at where they might go next.
Source: LinkedIn Jobs
💡SoFi reveals its next big card move
- What a SoFi Plus Card could look like. Rather than chasing the ultra-premium, travel-heavy segment (which doesn’t fit SoFi’s brand), the smarter play is a membership-anchored charge card that elevates SoFi Plus. Think: pay-in-full discipline, boosted points for SoFi ecosystem use, richer APY and lending perks, and a card that doubles as the badge of premium membership.
- Indicators can come from anywhere. The best insights don’t always come from in depth-analysis, press releases or earnings calls. Sometimes the strongest signals are hiding in plain sight, like a recruiting page. What do you think this innovative new product could look like?
