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ORLANDO, Fla. -- SVM LP, a leader in gift cards and prepaid cards for businesses, announced the formation of a new business unit that will utilize SVM's competencies in gasoline rewards and stored value card management. The new business, called FuelCircle, will initially leverage SVM's relationships with BP, Chevron, ExxonMobil and Sunoco to create what the company is calling the first branded, nationwide network for the redemption of stored value fuel rewards. FuelCircle will align multi-channel reward issuers that recognize the value of its collaborative loyalty platform and desire to use the power of gasoline as the ultimate consumer reward.
SVM's CEO, Marshall Reavis, said, "We've been humbled by the strong support we've received from the oil brands and as a result of their support we will be able to launch our new FuelCircle reward and loyalty division with nearly 40,000 fuel redemption locations in our network." Reavis said that the 40,000 locations represent an estimated 450,000 redemption devices across the network.
Jim Leroux, President of SVM, will continue to be responsible for SVM's core card business and will oversee the newly formed FuelCircle Division. Industry veteran John Cullen, SVM VP of Loyalty, will be responsible for the day-to-day operations and development of the FuelCircle business as its General Manager.