A future-ready bank supports Republic's aim to fuel innovation for tomorrow's leading companies.
Fremont, CA: BankProv is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a corporate-ready commercial bank that specializes in providing adaptive and technology-first banking solutions to specialized industries such as bitcoin, renewable energy, fin-tech, and enterprise value financing, with an emphasis on search fund & sponsor finance acquisition loans.
BankProv collaborated with Republic, a major investment platform and crowdfunding marketplace. Over 1.5 billion dollars in capital has got deployed in the Republic ecosystem, which supports over 600 firms and has over two million community members from 150 countries.
Republic is a worldwide financial technology firm that enables anybody to invest in anything. Republic has a retail investing platform, a private capital branch, and a blockchain advising practice, among other things. The Republic ecosystem has raised over 1.5 billion dollars in financing, backed over 600 businesses, and has over 2 million community members from 150 countries. Republic gets supported by dozens of renowned investment companies and financial institutions, and its related businesses have co-invested with some of the most well-known names in venture and private equity.
Republic will provide escrow accounts to enterprises wishing to raise funds from investors on its platform as part of the agreement. The Republic platform connects investors to verified investment possibilities in startups, real estate, video games, cryptocurrency, and other industries, along with syndicated funds and alternative investment alternatives. Republic was founded to aid fundraising efforts, provide equity investment to the masses, and empower citizens via financial education.
"We are delighted to work with Republic and support their mission to expand access to new investment opportunities," said Dave Mansfield, CEO of BankProv. "Our focus on developing specialized Banking as a Service (BaaS) technology tailored for our customers allows us to deploy industry-first solutions to underserved markets."
Republic will give escrow accounts to their clients by utilizing BankProv's BaaS solution from Treasury Prime, a prominent supplier of BaaS for small- to mid-sized banks. Treasury Prime will also offer the application programming interfaces for BankProv (APIs).
"BankProv's proven ability to offer future-forward banking solutions aligned perfectly with our strategic goals," said Chuck Pettid, Head of Republic Retail. "Not only are we working with an industry leader, but we are also expanding our products to further serve our customer's evolving needs."
