MainStreet Bankshares in Fairfax, Va., plans to fully introduce its Banking-as-a-Service product during the fourth quarter.
The $1.8 billion-asset company said in a press release Monday that Avenu, its BaaS platform, is onboarding its initial beta testing client.
Ten fintechs are queued up in various stages of progress, including four that intend to proceed when the beta process is complete.
“Fintechs have a strong need for knowledgeable, credible partners who can help them manage risk and compliance obligations,” Todd Youngren, Avenu’s president, said in the release.
“Preparing them to become fully compliant is a critical, intensive element of this process, and we are focusing our energy on getting that right,” Youngren added. “Following the beta stage, we anticipate that onboarding will be streamlined into a 60-day process.”
Avenu also serves 18 money service businesses and seven payment processors.
The business brought in $70 million of noninterest-bearing deposits and had $488,000 of noninterest income in the first half of 2022. The business had $719,000 of noninterest expenses over the first six months of this year.