Investment firm The Orogen Group, led by former Citigroup Inc. CEO Vikram Pandit, is investing $100 million in Fair Square Financial LLC, The Wall Street Journal reported.

A formal announcement is expected on May 14, according to the report.

Wilmington, Del.-based Fair Square issues credit cards under the brand name Ollo. The firm had received a $200 million equity financing from Pine Brook Road Partners LLC. Pandit has served on Fair Square's board since its 2016 founding.