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Friday, Apr 19, 2024

Vervent Opens Global Capabilities Center in India

FINTECH: Business Employs 700 People in Binational Region

SAN DIEGO – Vervent’s expansion push has taken it halfway around the world to India.

The Sorrento Mesa financial services company announced that it has opened a center in Bengaluru, in the southern part of the Indian subcontinent.

The Global Capabilities Center will primarily focus on information technology and professional support. Initially set to employ 50 people, the office will complement centers in five other locations.

“Vervent India is an exciting venture, and an important part of the company’s growth plans,” said Vervent COO and CFO Dhruv Vakharia, who recently traveled to India to formally open the center. “As an industry leader in the servicing and credit card space, Vervent is committed to driving ongoing success for our clients and teams. Adding the capabilities and talent our India group will bring to an already successful model will help us achieve that goal and keep our services on the cutting edge.”

“It’s a smart move for the business,” said Blythe Lawton, Vervent’s senior vice president of marketing and business development. She and other executives said they expect the India location to grow fast.

The center’s location on the other side of the world will give the company 24/7 project coverage.

Part of Stone Point Capital

Vervent is privately held and does not disclose revenue.

Stone Point Capital, a private equity firm with offices in Greenwich, Connecticut, New York City and West Palm Beach, Florida, is one of the company’s owners. Stone Point Capital has more than $50 billion of assets under management.

Stone Point Capital targets investments in companies in the global financial services industry and related sectors. The firm invests in alternative asset classes, including private equity through its flagship Trident Funds and credit through commingled funds and separately managed accounts.

Stone Point Capital is part of an investor group that recently bought a stake in Truist Insurance Holdings. In February, investment funds affiliated with Stone Point Capital and General Atlantic L.P. announced plans to buy HireRight Holdings Corp. (NYSE: HRT), which specializes in background screening services and workforce solutions. Stone Point and General Atlantic already owned 75% of the company.

Financial Services; Business to Consumer

Vervent supports its partners with primary strategic services including credit card servicing, loan and lease servicing, backup servicing/capital markets services, managed services and credit card programs. It also has a business-to-consumer credit card operation.

It has approximately 1,500 employees.

Vervent has 100 employees in San Diego, though its regional presence is several times that, since it employs 600 people in the Lago Sur area of central Tijuana.

Vervent’s Tijuana operations facility, opened in 2017, is located near that city’s universities, where it attracts talent, Lawton said. The facility is presently at a little more than half its capacity. It can accommodate a maximum of 1,100 workers and is available if a client needs to scale, she said.

Vervent also has offices in Portland, Oregon; Sioux Falls, South Dakota and Sibulan, Philippines.

Portland is the center of Vervent’s information technology operations. Sioux Falls is the card risk management hub (the city is a good place to get credit card experience, Lawton said). The Philippines center offers customer service, back office and logistics support.

Investing in India – Home to Tech Talent

The India facility includes some good people, Lawton said. “There is a lot of really great tech talent coming out of Bangaluru.”

For the present, the Bengaluru office is in temporary quarters. Vervent is building a permanent office in the metro area of 13 million (Bengaluru is roughly the same size as the Los Angeles metro area). The business plans to occupy its new space in the late summer or early fall, Lawton said.

In January, Vervent announced that Castlelake LP, a global alternative investment firm, will provide up to $180 million to finance origination for Vervent’s credit card programs. Castlelake will help support Vervent’s Revvi, Total Card and First Access unsecured credit card affiliates.

FOUNDED: 2008 as First Associates
CEO: David Johnson
EMPLOYEES: 700 local, 1,500 total
WEBSITE: vervent.com
CONTACT: 888-486-2509
NOTABLE: Vervent parent Stone Point Capital has more than $50 billion of assets under management.


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