GTCR, a Chicago-based private equity firm, has entered into a partnership with Michael Rhodes, former Vice Chairman at MBNA, to form Palladian Financial Holdings. Palladian, headquartered in Wilmington, Delaware, will focus on creating a platform to provide a services related to consumer credit, payments and loyalty/rewards.
GTCR plans to invest up to $300 million of equity capital to support management’s strategy. Mr. Rhodes will serve as CEO of Palladian.
Mr. Rhodes said: “GTCR has a strong legacy of building successful companies in the financial services and technology industries through acquisitions and organic growth, and I look forward to working with the firm to build a thriving new company devoted to delivering fresh, new ideas in consumer financial services.”
Mike Hollander, vice president of GTCR, said: “We anticipate partnering with a number of leading finanical institutions to enhance Palladian’s capabilities and also evaluating customer loyalty/rewards opportunities.”
