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Wayfair did terminate its agreement with Alliance Data, which expired in September 2020, but ended up returning as a customer through Bread, the company announced in July this year. That's a different approach to the likes of Affirm and Klarna, who offer the installments themselves on merchants' websites. Bread is a white-label buy now, pay later player that lets merchants offer installment loans under their own brands. "It's the shortest distance between two points," Andretta said.Īlliance Data closed its acquisition of Bread for an undisclosed sum in December 2020. Weighing whether to build, buy, or partner, Alliance Data decided to buy. Wayfair was looking for more digital payments and e-commerce capabilities, like buy now, pay later, that Alliance Data wasn't able to offer.īuy now, pay later then became a priority for Alliance Data's transformation, especially amid the rise of players like Affirm, Afterpay, and Klarna.
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"The partner was asking us for certain things and we weren't listening to them because we thought we knew best." "The leadership at that time really wasn't listening to the partner," Andretta said. When Andretta joined Alliance Data, Wayfair was in the process of terminating its private-label card agreement with the bank.Ībout a week into the job, Andretta flew up to Boston to meet with Wayfair CEO Niraj Shah in a Hail Mary attempt to keep the contract. Bread is a beacon of hope for Alliance Data Its stock price is up 276% from a low of about $26 in March 2020 to its current price of $98 per share. While Alliance Data's stock price hasn't recovered to its all-time highs of nearly $300 per share in 2015, investors seem optimistic about the card giant's prospects. "Alliance Data was probably not on the cutting edge of change, but I think we are now." "We've been a public company for 20 years and it's been highly profitable, but the world is changing," Andretta said. In the 18 months since joining, Andretta has led an effort to transform Alliance Data by bringing in new talent and pushing for new features merchants desperately want, like buy now, pay later. Now Alliance Data is looking to right the ship, and expand beyond its co-brand card roots. It handles underwriting, risk management, and loan servicing on behalf of the retailers. "That was our bread and butter."Īlliance Data helps retailers launch credit cards under their own brands. "When I came here, Alliance Data was pretty much a one-trick pony with private-label," president and CEO Ralph Andretta, who joined Alliance Data in Febuary 2020, told Insider. Revenue took a hit, dropping 18% year-over-year from 2019 to 2020. The bank backs over 40 million credit cards in circulation from retailers like Ikea, Ulta, and Victoria's Secret.īut the days of store-specific credit cards, typically offered while checking out in-store, faced a reckoning during 2020, as the pandemic upended in-person shopping.īrick-and-mortar retail is Alliance Data's primary sales channel, accounting for two-thirds of its new account openings. Buy now, pay later is a key part of his strategy to right the ship and win new clients.Īlliance Data isn't a household name, but it has long been a staple of consumers' wallets.Ralph Andretta, Alliance Data's CEO, joined in February 2020 to help the company pivot.Alliance Data, the co-branded card giant, has long been a 'one-trick pony,' according to its CEO.