Future-Ready Bank Supports Republic’s Mission to Fuel Innovation for Tomorrow’s Leading Companies
AMESBURY, Mass., Aug. 16, 2022 /PRNewswire/ — BankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging markets, announced today that it will team up with Republic, a leading investment platform and crowdfunding marketplace. The Republic ecosystem has deployed over $1.5 billion in capital, supports over 600 companies, and includes over two million community members across 150 countries.
Through the collaboration, Republic will offer escrow accounts to companies looking to raise capital from investors on their platform. The Republic platform provides investors with access to vetted investment opportunities in startups, real estate, video games, crypto, and other verticals as well as syndicated funds and alternative investment opportunities. Republic was created to support fundraising efforts, expand equity investing to the masses and empower individuals by providing financial education.
“We are delighted to work with Republic and support their mission to expand access to new investment opportunities,” said Dave Mansfield, CEO of BankProv. “Our focus on developing specialized Banking as a Service (BaaS) technology tailored for our customers allows us to deploy industry-first solutions to underserved markets.”
Republic will utilize BankProv’s BaaS offering from Treasury Prime, a leading provider of BaaS for small- to mid-sized banks, to provide escrow accounts to their clients. Treasury Prime will also provide BankProv’s application programming interfaces (APIs).
“BankProv’s proven ability to offer future-forward banking solutions aligned perfectly with our strategic goals,” said Chuck Pettid, Head of Republic Retail. “Not only are we working with an industry leader, but we are also expanding our products to further serve our customer’s evolving needs.”
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund and sponsor finance acquisition loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Banking-as-a-Service) partners. Through our offerings, BankProv insures 100% of deposits in the event of bank failure through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.
Republic is a global financial technology company that allows anyone to invest in anything, anywhere. Republic operates several distinct business lines including a retail investment platform, a private capital division, and a blockchain advisory practice. The Republic ecosystem has deployed over $1.5 billion in capital, has supported over 600 companies, and comprises over 2M community members across 150 countries. Republic is backed by dozens of leading investment firms and financial institutions and its affiliated entities have co-invested with the best names in venture and private equity. Founded in 2016, Republic is headquartered in New York City with offices worldwide. For more information visit us at https://group.republic.com/ or @joinrepublic on Twitter.
About Treasury Prime
Treasury Prime is modernizing the API banking and technology systems to deliver new value to everyone: consumers, businesses, financial technology companies, and banks. Banking as a Service takes banking beyond banks. Fintechs are developing financial offerings to reach new markets and embedding banking services in their applications. Fintechs need a banking partner who can help them with the complexities of money transfer, risk mitigation, and access to a chartered bank’s infrastructure, so they can focus on what matters most: building their business. For banks, these relationships bring new opportunities and channels to grow topline revenue and lower the cost of deposits.
Republic is not a bank. Banking services provided by BankProv (legally, The Provident Bank) Member FDIC / Member DIF. The FDIC insures each bank depositor up to $250,000, based on deposit insurance rules. The Depositors Insurance Fund (DIF) insures all deposits above the FDIC depositor limit when placed with BankProv. Crypto assets are not insured by the FDIC, may lose value, and are not deposits or other obligations of the Bank and are not guaranteed by the Bank.
Press Contact: Tricia Peters, Vice President of Marketing
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