The Bank Slate


Avenu BaaS platform to launch in late April

MainStreet Bankshares in Fairfax, Va., said its Banking-as-a-Service (BaaS) platform should launch at the end of this month.

The $2.1 billion-asset company said in a press release that Avenu should debut on April 30. MainStreet said it is making a final push to strengthen its cyber architecture and implement a debit card for funding.

Three companies have signed up for the platform.

“We are inches away from going live with Avenu, which will be a gateway to fast, simple secure payments for our end-users,” Todd Youngren, the unit’s president, said in the release.


“When you are developing a platform from the ground up, you have to address challenges as they arise, and that’s exactly what we’ve been doing as our team works full tilt toward our launch,” Youngren added.


Avenu earned $205,000 in the first quarter, including $960,000 of total income and $755,000 or nonininterest expense. The platform has $10.7 million of assets and $65.9 million of deposits.

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