Swift Capital, north Wilmington, announced that Richard W. Vague has joined the company’s Board of Directors. Swift provides financing options for smaller businesses.
Vague’s ventures include co-founding and serving as a top executive of two credit card companies – First USA and Juniper Financial. Both had major operations in Wilmington.
Under his supervision, First USA, which reached over $60 billion in loans, grew to be the largest Visa card issuer in the industry and was sold to Bank One in 1997, with Bank One later becoming part of JPMorgan Chase.
At Juniper Financial, Vague oversaw the acquisition of 4 million customers, $4 billion in loans. Juniper was acquired by Barclays PLC, where Vague then served as Chief Executive of Barclaycard US.
“The increasingly difficult regulatory environment has fundamentally changed the nature of small business financing and has accelerated the growth of alternative lenders like Swift Capital,” Vague said. “With the market’s obvious shift toward alternative lending, I have been impressed by the results Swift Capital has achieved with its insightful approach to the market and high caliber team. Swift is reengaging the small business borrower like no other, and it is paying off.”
Vague was co-founder and CEO of Energy Plus (NRG Energy since 2011), an electricity and natural gas supply company operating throughout the U.S. Energy Plus grew from a start-up in 2008 to almost $400 million in revenue before its sale in 2011.
Currently, Vague is one of the managing partners at Gabriel Investments, an early-stage investment group that has made more than 20 investments in companies in the Philadelphia and Mid-Atlantic region.
“We are thrilled to have Richard join the Swift Capital Board of Directors,” said Ed Harycki, founder, and CEO of Swift Capital. “I consider his decision to enlist with us a true testament to the innovative approach we are taking to serving small businesses, and I personally look forward to the guidance and perspective that comes from his proven experience and track record in credit and direct-marketing lead organizations.”
Vague currently serves on some business boards including Heartland Payment Systems and the Franklin Square OneEquity Partners. He serves on some civic and charitable boards including the University of Pennsylvania Board of Trustees and the Penn Medicine Board of Trustees. He is also chair of FringeArts Philadelphia and the University of Pennsylvania Press.
