The Bank Slate


Blue Ridge sells payroll firm, gives fintech update

Blue Ridge Bankshares in Charlottesville, Va., has sold a payroll business.

The $2.7 billion-asset company said in a press release Thursday that it sold a majority stake in MoneyWise Payroll Solutions in Charlottesville to the firm’s other investor during the first quarter. 

The company also said it has active partnerships with a number of fintechs, including Unit, Flexible Finance, Increase, Upgrade, Kashable, Jaris, Aeldra, Grow Credit, MentorWorks and Marlette. 

Blue Ridge said that fintech-related deposits increased by 74% in the first quarter from a quarter earlier, to $329 million. Loans associated with fintech fell by 10%, to $21.5 million. 

Interest and fee income tied to fintech partnerships totaled $1.3 million in the first quarter. Those relationships generated $48.4 million of assets under management during the quarter.

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