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Treasury Prime BaaS Partnership with Piermont Bank Builds Momentum with Over 30 Fintech Companies Signed
Friday, October 29, 2021
SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- Treasury Prime, the leading Banking as a Service (BaaS) company, today announced that since launching their partnership with Piermont Bank, a tech-enabled digital commercial bank, they have closed partnerships with over 30 fintech companies, including:
-- Mythia, debit card for gamers (Read the case study)
-- Tuvoli, a platform for the private air charter industry, (Read the case
study)
-- Wagestream, the financial well-being app for people in work (Read the
case study)
"Piermont Bank is a textbook example of what you need to do to be a great fintech bank," said Chris Dean, CEO of Treasury Prime. "Wendy and her team understand the urgency that fintech companies face in getting to market, and they work closely with them to help them solve problems and take advantage of opportunities. Piermont Bank embraces an engaged partner model and for our fintech clients having this direct, supportive relationship with Piermont Bank makes all the difference."
Quick Start Program for Early Stage Fintech Companies
The two organizations also pioneered the Treasury Prime/Piermont Bank Quick Start Program to enable early stage startups to launch in just days with a basic set of banking services including accounts, payments, and debit cards. With the Quick Start Program, companies can test their offerings and find initial product-market fit. When they scale beyond 1,000 users, they can transition to a full relationship with more flexibility and configurability. Initially focused on Y Combinator portfolio companies, Treasury Prime is expanding the program with other premier accelerators.
"In order for a BaaS partnership to be successful, it's critical that the bank, the technology partner, and the fintech clients share a cultural alignment," said Wendy Cai-Lee, CEO of Piermont Bank. "Treasury Prime has been a great partner in working with us to understand the challenges fintech companies face and create innovative approaches like the Quick Start Program to help our mutual clients move fast. Innovation banking is a core pillar of Piermont Bank, I'm very proud of what we've accomplished together."
Benefits of an Engaged Bank Partner Model
Banking-as-a-Service and API banking relationships follow one of two models. There is the "rent a charter model" where a fintech company engages directly only with the API vendor or technology partner and the bank is entirely behind the scenes. The second is the engaged partner model in which both the technology partner and the bank partner play an active role in working with the fintech company. This is how Treasury Prime and Piermont Bank operate.
With Treasury Prime and Piermont Bank, fintech companies can put their focus fully on their business knowing they have access to Piermont's expertise and the Treasury Prime's technology. Some examples of benefits of this model include:
-- Treasury Prime and Piermont Bank work with their fintech clients to
proactively address regulatory requirements and compliance so fintech
companies can focus on bringing new offerings to market.
-- With continuous access to Piermont's expertise and the Treasury Prime's
technology, fintech companies can build product roadmaps such as
overdraft protection or earned wage advances which go beyond the
parameters of a "rent a charter" arrangement.
-- Markets can change quickly and fintech companies often need to respond
fast. Because Piermont Bank is closely aligned with its fintech clients'
businesses, it can approve changes and respond to client needs at a
moment's notice. What could take weeks or months in another banking
relationship can be achieved in a matter of days.
-- Piermont Bank can provide other valuable services such as access to
cost-effective credit facilities.
For more information about working with Piermont Bank and Treasury Prime, please contact sales@treasuryprime.com.
About Treasury Prime
Treasury Prime is the leading Banking as a Service (BaaS) company that connects banks and fintechs through an API so developers can start building in minutes and launch in days. Treasury Prime's full integration into core banking systems gives developers access to a wide range of banking services from opening accounts to making payments to issuing cards. Treasury Prime is backed by Deciens Capital, Nyca Partners, Pacific Western Bank, QED Investors, SaaStr Fund, Susa Ventures, and Y Combinator. Developers can start building today at https://developers.sandbox.treasuryprime.com/. For more information, visit www.treasuryprime.com.
About Piermont Bank
Piermont Bank is a tech-enabled digital commercial bank founded in 2019 with a mission of changing the face and pace of banking. Piermont is women-founded, entrepreneur-led, technology-fortified. It is also the first multiracial Minority Depository Institution (MDI) in the United States. It provides an unprecedented experience that blends the best of banking and agile Fintechs. At Piermont, we deliver peer banking - we meet you where you are, reflect your business needs, and act with speed. For more information, visit www.piermontbank.com.
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SOURCE Treasury Prime
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