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, which owns Shop Your Way, will use its existing rewards program, which has given out $3.3 billion in prizes, and its own Telluride Technology platform to assist co-brand partners get access to a ready-made rewards program that is built right into the Aress platform.
B.J. Naedele, President and Chief Commercial Officer of Transformco, said, “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.” “We’re excited to add value for our co-brand partners from the start by bringing their products to our active loyalty network.”
The Aress platform uses Fidem’s underwriting and marketing engine and its own credit models, which have been improved over the years with more than $15 billion in managed assets and 300 years of credit card experience among Fidem’s leadership team. Automated feedback loops and real-time analytics improve the performance of underwriting, servicing, and marketing. Built-in tools for data visibility and governance make sure that rules are followed, outcomes are clear, and results can be repeated.
Jason Dyro, President of Aress and COO of Fidem Financial, said, “There is a lot of white space in the market for new and advanced brands looking for co-brand issuance solutions that aren’t tied to traditional issuer economics and don’t come with legacy technical debt and friction.” “By cutting out middlemen, better allocating capital, and making sure the right offers reach the right customers at the right time, Aress gives these brands a more efficient model that boosts customer engagement and portfolio performance.”
Compared to traditional service platforms, Aress makes better use of capital. This lowers the costs of issuing co-brands, speeds up the time it takes to get to market, and makes it easier for both established and new co-brand programs to grow. Aress offers a wide range of products that are comparable to those of a full-service bank. This enables partners the freedom to manage the entire credit lifecycle, from origination to rewards, on one secure platform.
Ivan Zinn, Head of Alternative Credit at Blue Owl Capital, said, “We are happy to work with Fidem and Transformco to make, launch, and grow Aress.” “This new platform shows that we are committed to modern, scalable credit infrastructure that allows for controlled growth and efficient capital alignment.”
Aress wants to make it easier for its partners to get credit, make co-brands more visible in their consumers’ lives, offer a reliable bank-grade service platform, and keep coming up with new ideas in the consumer finance ecosystem.
About Transformco
Transformco is a private company with five main businesses: Sears Home Services, which is the largest appliance repair service in the country and the home of the Sears Protect Home Warranty; Transform Brands, which owns Kenmore and has a license to use DieHard; the Shop Your Way loyalty and credit card program; and Transformco Properties, which is changing the way physical stores work to better meet the needs of today’s market.
Fidem Financial in a Nutshell
Fidem Financial (“Fidem”) is a platform for managing and servicing credit assets that was made to integrate institutional capital, brand partners, and consumers in the modern credit ecosystem. The company’s leaders have a combined 300 years of experience in consumer finance and credit cards. Since it started, Fidem has bought more than $15 billion in credit card receivables and has always improved its services to promote co-brand partnerships, near-prime lending, and primary servicing. This has made the credit market more efficient and open to everyone.
About Blue Owl
Blue Owl (NYSE: OWL) is a top asset manager that is changing the way alternatives work. As of September 30, 2025, we have more than $295 billion in assets under administration. We invest through three multi-strategy platforms: Credit, Real Assets, and GP Strategic Capital. We give businesses private capital solutions to help them grow over the long term. We also give institutional investors, individual investors, and insurance companies unique alternative investment opportunities that aim to provide strong performance, risk-adjusted returns, and capital preservation. Our strong permanent capital base is what makes this possible.
Blue Owl has the vision and discipline to make something great happen, along with more than 1,365 skilled workers around the world.