NewDay (company)

Last updated

NewDay Ltd
FormerlyProgressive Credit Limited (2010–2014) [1]
Company type Limited company
Industry Financial services
FoundedSeptember 2000
HeadquartersLondon, England [1]
Key people
John Hourican (CEO)
Products Credit products
Website newday.co.uk OOjs UI icon edit-ltr-progressive.svg

NewDay Ltd, [1] formerly SAV Credit,[ citation needed ] is a financial services company specialising in providing credit products to consumers in the United Kingdom.

Contents

History

The company was established in 2000.

On 13 May 2013 the company completed the purchase of Santander UK's store card business, including branded cards issued for retailers including Topshop, Dorothy Perkins, House of Fraser and Debenhams. [2] Santander continued to operate the cards business until 1 April 2014, when SAV took full control and was renamed NewDay. [3] [4]

In March 2015, it was rumoured that NewDay was for sale, valuing the company at around $1.49 billion. [5]

In March 2019, John Hourican was named CEO of NewDay, succeeding James Corcoran to the position. [6]

It was announced in May 2022 that John Lewis Partnership's white-label agreement with HSBC UK would end later that year, with new and existing Partnership Card accounts migrated to a reshaped service run by NewDay. [7] [8]

Structure

NewDay is organised into two limited companies: NewDay Technology Ltd and NewDay Cards Ltd. Both are authorised and regulated by the Financial Conduct Authority, [9] and subscribe to the Lending Code. [10]

Investors

Private equity firms Cinven and CVC Capital Partners are investors, both having representatives on its board of directors. [11]

Related Research Articles

<span class="mw-page-title-main">Debit card</span> Card used for financial transactions, usually without a credit line

A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. Debit cards are similar to a credit card, but the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.

<span class="mw-page-title-main">HSBC</span> British multinational bank group

HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.919 trillion as of December 2023.

The John Lewis Partnership plc (JLP) is a British company that operates John Lewis & Partners department stores, Waitrose supermarkets, financial services and a build to rent operation. The public limited company is owned by a trust on behalf of all its employees, known as Partners, who share the responsibilities and rewards of ownership. John Lewis has around 74,000 employees as of 2024

GE Capital was the financial services division of General Electric. Its various units were sold between 2013 and 2021, including the notable spin-off of the North American consumer finance division as Synchrony Financial. Ultimately, only one division of the company remained, GE Energy Financial Services, which was transferred to GE Vernova when General Electric was broken up.

<span class="mw-page-title-main">JCB (credit card company)</span> International credit card company based in Japan

JCB Co., Ltd., formerly Japan Credit Bureau, is a credit card company based in Tokyo, Japan.

<span class="mw-page-title-main">Capital One</span> Bank holding company headquartered in McLean, Virginia

Capital One Financial Corporation is an American bank holding company founded on July 21, 1994 and specializing in credit cards, auto loans, banking, and savings accounts, headquartered in Tysons, Virginia with operations primarily in the United States. It is the 12th largest bank in the United States by total assets as of December 31, 2022, the third largest issuer of Visa and Mastercard credit cards, and one of the largest car finance companies in the United States.

<span class="mw-page-title-main">Credit</span> Financial term for the trust between parties in transactions with a deferred payment

Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date. The resources provided by the first party can be either property, fulfillment of promises, or performances. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.

<span class="mw-page-title-main">Banco Santander</span> Spanish multinational bank

Banco Santander S.A. trading as Santander Group, is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in most global financial centres as the 19th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia. It is considered a systemically important bank by the Financial Stability Board.

<span class="mw-page-title-main">HSBC UK</span> European subsidiary of multinational bank

HSBC UK Bank plc is a British multinational banking and financial services organisation based in Birmingham, England. It is a wholly owned subsidiary of the global HSBC banking and financial group, which has been headquartered in London since 1993. The UK headquarters of HSBC is located at One Centenary Square in Birmingham.

HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity that had been known as Household International—shortly after Household International settled for US$486 million in charges pertaining to predatory lending, after burning through $389 million in legal fees and expenses—and is now expanding its consumer finance model via the HSBC Group to Brazil, India, Argentina and elsewhere.

Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt. It is not to be confused with income protection insurance, which is not specific to a debt but covers any income. PPI was widely sold by banks and other credit providers as an add-on to the loan or overdraft product.

<span class="mw-page-title-main">Vanquis Banking Group</span> British sub-prime lender

Vanquis Banking Group, formerly Provident Financial plc, is a British bank headquartered in Bradford, England which specialises in credit cards, loans and consumer vehicle finance. It primarily services customers with a sub-prime credit history who have been declined for credit from mainstream lenders. It also offers fixed-rate and notice savings accounts under the trading name Vanquis Savings. It is listed on the London Stock Exchange.

<span class="mw-page-title-main">NatWest</span> British retail and commercial bank

National Westminster Bank Plc, trading as NatWest, is a major retail and commercial bank in the United Kingdom based in London, England. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, it became part of The Royal Bank of Scotland Group, which was re-named NatWest Group in 2020. Following ringfencing of the group's core domestic business, the bank became a direct subsidiary of NatWest Holdings; NatWest Markets comprises the non-ringfenced investment banking arm. The British government currently owns 19.97% of NatWest Group after spending £45 billion bailing out the lender in 2008; the proportion at one point was 54.7%. NatWest International is a trading name of RBS International, which also sits outside the ringfence.

PayMate is a business-to-business (B2B) digital and financial services company headquartered in Mumbai.

<span class="mw-page-title-main">Santander UK</span> British bank, wholly owned by the Spanish Santander Group

Santander UK plc is a British bank, wholly owned by the Spanish Santander Group. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance.

<span class="mw-page-title-main">Bank and Clients</span> 1978–2021 British private bank

Bank and Clients plc was a British private bank, which was formed by combining: Church House Trust, a retail bank founded in 1978 and Ocean Capital, a specialist corporate lender founded in 2002. B&C was based in London, England.

BNP Paribas Personal Finance UK, formerly known as LaSer UK, is a provider of consumer finance. It operates in the UK and in the Republic of Ireland. The company administers credit and loyalty programmes for businesses across multiple sectors, including retail, household, insurance, entertainment and leisure. BNP Paribas Personal Finance manages four million customers and 300 UK partnerships, and in 2016 financed £1.6 billion in credit.

<span class="mw-page-title-main">Debit Mastercard</span> Debit card

Debit Mastercard is a brand of debit cards provided by Mastercard. They use the same systems as standard Mastercard credit cards but they do not use a line of credit to the customer, instead relying on funds that the customer has in their bank account.

Vocalink is a payment systems company headquartered in the United Kingdom, created in 2007 from the merger between Voca and LINK. It designs, builds and operates the UK payments infrastructure, which underpins the provision of the Bacs payment system and the UK ATM LINK switching platform covering 65,000 ATMs and the UK Faster Payments systems.

Marks & Spencer Financial Services plc, trading as M&S Bank, is a retail bank operating in the United Kingdom. The company was founded in 1985 as St Michael Financial Services as the financial services division of Marks & Spencer and adopted its current name in 2012.

References

  1. 1 2 3 "Newday Ltd overview - Find and update company information - GOV.UK". Companies House . 28 June 2010. Retrieved 2 March 2024.
  2. Steve Slater (20 December 2012). "Santander UK to sell UK store cards portfolio". Reuters. Archived from the original on 6 March 2016. Retrieved 29 April 2013.
  3. "SAV Credit completes acquisition of Santanders Retail Co-Brand Credit Card / Point-Of-Sale Finance Business". SAV Credit. 13 May 2013. Archived from the original on 28 July 2013. Retrieved 28 May 2013.
  4. "NewDay". SAV Credit. 2014. Retrieved 5 February 2014.
  5. Raice, Giles Turner and Shayndi (23 March 2015). "NewDay Group Owners Preparing for Sale or IPO". Wall Street Journal. Retrieved 28 August 2019.
  6. Kleinman, Mark (2 March 2019). "Ex-RBS banker Hourican returns to UK in job at credit card giant". Sky News. Retrieved 1 December 2022.
  7. Tetley, Liza (5 May 2022). "John Lewis bins HSBC for NewDay to relaunch consumer credit card". AltFi. Archived from the original on 5 May 2022. Retrieved 11 June 2022.
  8. Witherden, Grace. "John Lewis to relaunch Partnership reward credit card with NewDay". Which? . Consumers' Association. Retrieved 11 June 2022.
  9. "Company Registration Details". NewDay. April 2014. Retrieved 18 April 2014.
  10. "Subscribers". Lending Standards Board. Archived from the original on 24 October 2015. Retrieved 5 November 2015.
  11. "Board of Directors". NewDay. Retrieved 11 June 2022.