Transformco, Fidem Financial and Funds Managed by Blue Owl Launch Aress, a Next-Generation Co-Brand Credit Card Servicing Platform

Key Terms

underwriting financial

Underwriting is the process where a financial institution agrees to buy and then resell new stocks or bonds to investors. It matters because it helps companies raise money quickly and smoothly, while the bank takes on the risk of selling those securities at the agreed price. Think of it like a booker guaranteeing to sell all tickets for a concert before opening the doors.

assets under management financial

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

New “Loyalty-as-a-Service” platform unites retail scale, capital backing and bank-grade infrastructure to power co-brand growth

Fiserv will serve as processor for the Aress platform

CHICAGO--(BUSINESS WIRE)-- Transformco (formerly Sears Holdings), a leading provider of homeowner, loyalty, and financial services, Fidem Financial (“Fidem”), a credit asset manager and financial services firm with more than $15 billion in acquired credit card receivables, and funds managed by Blue Owl Capital (NYSE: OWL), a leading asset manager with over $295 billion in assets under management, today announced the launch of Aress Financial Services (“Aress”), a next-generation credit card origination and servicing platform for co-branded credit cards. Aress is a joint venture between Transformco, Fidem and Blue Owl managed funds.

Aress is a purpose-built, institutional-grade credit card servicing platform designed for co-brands that reduces intermediaries and strengthens alignment among brands, banks and investors. By combining Transformco’s consumer reach and loyalty platform, Fidem’s underwriting, data and servicing expertise and Blue Owl’s deep expertise in bespoke capital solutions, Aress delivers a modern, end-to-end alternative to traditional credit card servicing models.

Transformco, owner of Shop Your Way®, will leverage its established rewards program, with $3.3 billion in rewards redeemed, and proprietary Telluride Technology platform to help co-brand partners unlock access to a turnkey rewards offering integrated directly within the Aress platform.

“Aress represents a new era of partnership-driven credit, combining retail experience, advanced analytics and servicing technology to enhance loyalty and growth across every stage of co-brand issuance,” said B.J. Naedele, President and Chief Commercial Officer of Transformco. “We are excited to add value for our co-brand partners from day one, bringing their offerings to our active loyalty network.”

Powered by Fidem’s underwriting and marketing engine, the Aress platform leverages proprietary credit models refined across more than $15 billion in managed assets and 300 years of collective credit card experience within Fidem’s leadership team. Automated feedback loops and real-time analytics optimize underwriting, servicing and marketing performance, while built-in tools for data visibility and governance ensure compliance, transparency and repeatable outcomes.

“There is significant white space in the market for emerging and sophisticated brands seeking co-brand issuance solutions outside of traditional issuer economics, and without legacy technical debt and friction,” said Jason Dyro, President of Aress and COO of Fidem Financial. “Aress offers these brands a more efficient model – reducing intermediaries, deploying capital more effectively, and ensuring the right offers reach the right customers at the right time – driving customer engagement and portfolio performance.”

Aress allows for more efficient use of capital compared to traditional servicing platforms, lowering co-brand issuance costs, optimizing speed to market, and enabling greater scalability for both established and emerging co-brand programs. With a comprehensive suite of products rivaling a full-service bank, Aress gives partners the flexibility to manage the entire credit lifecycle – from origination to rewards – within one trusted platform.

“We are pleased to partner with Fidem and Transformco to create, launch, and scale Aress,” said Ivan Zinn, Head of Alternative Credit at Blue Owl Capital. “This innovative platform reflects our commitment to scalable, modern credit infrastructure that delivers disciplined growth potential and efficient capital alignment.”

Aress aims to expand access to credit for its partners, enhance co-brands’ reach within their customers’ lives, provide a trusted bank-grade servicing platform and drive continued innovation across the consumer-finance ecosystem.

About Transformco

Transformco is a privately held company with five core businesses: Sears Home Services, the nation's largest appliance repair provider and the home of Sears Protect Home Warranty; Transform Brands, home of Kenmore and a licensee of DieHard; the Shop Your Way® loyalty and credit card program; Transformco Properties, which is reimagining the physical retail footprint to better meet the needs of the current marketplace.

About Fidem Financial

Fidem Financial (“Fidem”) is a credit asset manager and servicing platform purpose-built to connect institutional capital, brand partners, and consumers across the modern credit ecosystem. The firm’s leadership team has more than 300 years of collective experience in credit card and consumer finance. Since inception, Fidem has acquired over $15 billion in credit card receivables and has consistently expanded its capabilities to support co-brand partnerships, near-prime lending, and primary servicing, creating a more efficient and inclusive credit marketplace. More information at fidem-financial.com.

About Blue Owl

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives^®. With over $295 billion in assets under management as of September 30, 2025, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,365 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.

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Source: Transformco and Aress Financial Services