Vesdia Sells BabyMint
Coalition loyalty firm Vesdia Corp. is selling its flagship program, BabyMint to Collegiate Funding Services, but Vesdia will continue to run the program.
Vesdia will administer BabyMint for CFS the same way it handles branded loyalty programs for other financial institutions, says Vesdia chief operating officer Alan Goldstein.
“We sold the BabyMint brand to CFS because it’s a nice fit for their portfolio” of student loan products including loan origination and campus-based scholarship and affinity marketing, Goldstein says. Plus, “they have more power to grow that business than we do because we’re running so many programs.”
Vesdia runs a slate of brands’ own loyalty programs as well as its own three coalition loyalty programs: NestEggz, Stockback and Fundraiser Rewards (Jan. 5 P&I).
In the deal, which closed Sept. 12, CFS licenses Vesdia’s loyalty technology platform and in becomes the exclusive education finance provider to all of Vesdia’s loyalty programs.
Atlanta-based Vesdia launched BabyMint in 2000; its consumer members earn rebates on purchases from affiliated retailers and brands; rebates are automatically deposited into a college savings account.
