History
The bank was founded in January 2000. It received financing from Benchmark Capital.
In November 2000, the bank began offering insurance products.[1]
In September 2001, the Canadian Imperial Bank of Commerce acquired 51% of the company.[2]
In August 2002, the Canadian Imperial Bank of Commerce made an additional $50 million investment in the company, bringing its ownership stake to 89%. Benchmark Capital sued, claiming that the terms of the offering were not fair.[3]
In November 2002, the bank signed a deal with Airtran Airways to offer a branded credit card.[4]
In 2004, the bank was acquired by Barclays.[5][6]
In May 2005, the bank began offering a Harvard University branded credit card.[7]
In August 2005, the bank invested $455 million to market a US Airways branded credit card.[8]
On May 25, 2006, the bank was folded into Barclays credit card division and renamed.[9]
