MainStreet Bancshares in Fairfax, Va., has created a division dedicated to serve fintechs.
The $1.7 billion-asset company said in a press release Monday that Avenu will expand on its Banking-as-a-Service (Baas) platform by offering fintechs a streamlined way to accept deposits and facilitate payments while managing risk and meeting compliance obligations.
“We have come to know many fintech innovators and understand their unique needs,” Jeff Dick, MainStreet’s chairman and CEO, said in the release.
“By harnessing the capabilities under our Avenu brand, we are scaling up to serve the booming fintech segment with a single, streamlined solution,” Dick added. “By providing BaaS, MainStreet Bank has forged a path to access low-cost deposits, generate fee income, and tap new markets, which translates into enhanced shareholder value.”
Todd Youngren, Avenu’s president, said the platform can get fintechs “up and running in 30 to 60 days.” The process includes a risk assessment of the fintech client.