Capital One announced an agreement to acquire Portland, Maine–based BlueTarp Financial, a business-to-business trade credit financing company. Terms of the acquisition were not disclosed.
BlueTarp delivers customized B2B credit management programs to merchants and small- to medium-sized companies. It includes purchase-to-payment process, featuring a combination of accounts receivable management tools, cash flow, and risk protection, with optional collections and customer support.
“BlueTarp offers a unified purchase-to-payment system and fosters strong banking relationships with large merchants and small- to medium-sized businesses alike,” said Buck Stinson, senior vice president of card partnerships at Capital One. “We are looking forward to integrating BlueTarp and its innovative technology and services into Capital One’s card partnerships business, enhancing our service capabilities for existing and future partners.”
BlueTarp’s clients include national and regional B2B suppliers across a variety of industries, including hardware, home building, building materials, lumber and suppliers, and tools and equipment among others. The company was founded to give building material suppliers a credit program that delivers cash flow so they could invest in their business and grow sales while protecting themselves from risk.
“As an emerging leader in the business-to-business credit management industry, we were eager to identify a like-minded partner who could help us transform this sector on a much larger scale,” Scott Simpson, CEO of BlueTarp, said in a public statement. “We look forward to leveraging our fully developed trade credit technology platform and delivering significant value to Capital One’s existing and future partners.”
The acquisition is expected to close in the third quarter.
