BankProv Partners with Synctera to Create Card Program in Support of Banking-as-a-Service Model

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Apr 08, 2022, 06:30 ET

The partnership will help expand BankProv's BaaS offerings to clients nationwide through Synctera's innovative FinTech integrations

AMESBURY, Mass., April 8, 2022 /PRNewswire/ -- BankProv, subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging industries, is partnering with Synctera, a leading FinTech banking provider helping innovators build their own FinTechs more efficiently. Synctera's innovation in streamlining back-end digital banking services with BankProv's next-generation offerings, including its depository services to cryptocurrency exchanges, investment platforms and payment facilitators will offer FinTech developers in the cryptocurrency market expanded Banking-as-a-Service (BaaS) optionality with this new debit card BIN sponsorship program.

BankProv Partners with Synctera to Create Card Program in Support of Banking-as-a-Service Model

Synctera allows banking institutions to build new lines of business by sponsoring FinTechs and generating new revenue streams. BankProv and Synctera share the vision for a connected marketplace filled with opportunities for FinTech developers and customers to have more access and options for managing their money. BankProv is the eleventh community bank in Synctera's marketplace helping FinTechs to launch and scale their products.

Synctera will focus on bringing a card program to BankProv's partnerships with FinTechs that offer cryptocurrency related services including exchange, deposits, and payment services.

"Synctera is a trusted partner for community banks looking for solutions in taking their payments strategy to the next level," said Dave Mansfield, CEO of BankProv. "We are excited to enhance our BaaS business line by offering debit cards through the Synctera partnership."

"We take pride that we built a lightweight, modern core system that gives banks the flexibility to support new FinTechs in the most efficient way possible and offers control and insight into data for actionable knowledge and easy audits," said Kris Hansen, Chief Technology Officer of Synctera. "Synctera looks forward to providing solutions to BankProv's needs as it continues to expand its digital banking services and help more FinTechs and customers access their cryptocurrency safer and easier."

BankProv is one of the nation's only community banks to establish depository services to cryptocurrency-related businesses as part of its full-service USD offering to its commercial clients. Last year, BankProv became the first bank to extend a line of credit backed by Ether and also offers equipment and infrastructure loans to help crypto-mining businesses scale their operations.

About Synctera
Launched in 2020, Synctera is powering the future of FinTech. Its end-to-end platform and guided, personalized experiences help FinTech builders create world-class products with embedded banking, card issuance, and more. Synctera's unique programs enable transparent, efficient partnerships between compatible FinTech builders and community banks, whether a FinTech builder is looking to quickly launch an MVP or scale a fully fledged offering. Everyone wins - FinTech builders create, launch, and scale great products, fast, and community banks access new revenue streams and markets. Learn more at www.synctera.com.

Media Contact: Rocco Aloe
Gregory FCA for Synctera
[email protected]
610-860-2075

About BankProv
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

Media Contact: Rachelle Petersen
[email protected]
603-334-1255

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SOURCE BankProv