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Banking giant Capital One said Friday it has a definitive agreement to buy BlueTarp Financial, a credit card financing company based in Portland, for an undisclosed amount.
The McLean, Virginia-based company said the purchase of Blue Tarp would expand its services for co-brand and private-label credit card clients. Capital One and its subsidiaries had $255.1 billion in deposits and $373.2 billion in total assets as of March 31, 2019.
BlueTarp sells customized business-to-business credit management programs to merchants and small- to medium-sized companies.
“BlueTarp offers a unified purchase-to-payment system,” Buck Stinson, senior vice president of card partnerships at Capital One, said in a statement.
BlueTarp’s clients include office supplies, hardware, home building, building materials, lumber, supplies, tools and equipment businesses.
The company was founded in 1999 to give building material suppliers a better credit program so that they could invest in their business and grow sales while being protected from risk.
BlueTarp will remain in Portland.
The transaction is expected to close in the third quarter of 2019 subject to customary closing conditions.