Piermont Bank, a de novo in New York, has created a platform to offer credit products to its fintech clients.
The $347 million-asset bank said in a press release that BancFi will also serve fintechs’ end-users. The effort builds on the bank’s Banking-as-a-Service platform, which consists of more than 30 fintech clients.
“The growth we have experienced since our launch in 2019 validates the digital plus human hybrid banking model we built,” Wendy Cai-Lee, Piermont’s founder and CEO, said in the release.
Piermont said it had designed a startup-forward onboarding and implementation process can get a fintech client set up in as little as six weeks. BancFi will provide fintechs with a variety of products, including working capital, warehouse lines and deposit-backed lines of credit.