Capital Plus Financial Engages BrightFi Services To Provide High-Quality, Ultra Low-Cost, Accessible Banking To Underserved Communities

Rhea-AI Summary

BrightFi Services and Capital Plus Financial have formed a strategic alliance aiming to enhance banking accessibility for underbanked customers in Texas. This collaboration coincides with Capital Plus's pending merger with First State Bank, focusing on providing low-cost, high-quality digital banking services. The partnership will leverage BrightFi's Banking as a Service (BaaS) platform, aiming to reduce operational costs and improve financial inclusion. Capital Plus, a certified Community Development Financial Institution, has previously invested over $250 million in underserved communities in Texas.

Positive

• Strategic alliance formed with BrightFi Services to improve banking access for underbanked customers.
• Pending merger with First State Bank enhances Capital Plus's service reach.
• BrightFi's platform expected to reduce operating costs significantly.
• Capital Plus aims to grow its loan portfolio, targeting underserved communities.

Negative

• None.

PHOENIX and DALLAS, Aug. 26, 2020 /PRNewswire/ -- BrightFi Services, the Banking as a Service (BaaS) company that saves banks time and money while increasing profitability and Capital Plus Financial, the award-winning community development financial institution (CDFI) and a wholly owned subsidiary of Crossroads Systems, Inc. (OTCQB: CRSS) are announcing a strategic alliance to help improve banking availability and affordability to thousands of customers in Texas and beyond.

 BrightFi Platform Fuels Digital Transformations   

The strategic alliance between Capital Plus Financial and BrightFi Services focuses on their shared commitment: delivering banking and financial services to underbanked customers. Capital Plus Financial's pending merger with First State Bank marks a significant expansion of the Capital Plus service to the people of Texas with the promise of increasing banking access to those who might have been turned away from traditional banks. To do this, keeping costs low while maintaining high levels of customer service and security is key.

"We are thrilled to collaborate with such an innovative and mission oriented financial services partner. The BrightFi team shares our commitment for social impact and our combined long term goal of financial inclusion for all," said Eric Donnelly, CEO of Capital Plus Financial. "As we look forward to our pending bank acquisition, our collaboration with BrightFi Services will help us quickly bring the best to our customers – beginning with attainable financing and now through low-cost, reliable digital banking.  The BrightFi platform will also help reduce our operating costs at a time when that is a critical factor for all banks."

"Working with companies like Capital Plus Financial goes to the heart of our mission at BrightFi," said Michael Coghlan, CEO of BrightFi Services and its parent company, Verdigris Holdings, Inc. "We're committed to working alongside community and regional banks, rapidly enabling end-to-end digital banking and helping them save money while connecting with even more customers."

Through the strategic agreement, Capital Plus Financial will use BrightFi Services BaaS offerings with its new holdings as well as evaluate future deployments. Capital Plus will also collaborate with BrightFi to develop offerings for its customers that will extend financial inclusion while removing reliance on expensive non-bank products like check cashing stores and pre-paid cards.

About Capital Plus Financial
Capital Plus Financial is a certified Community Development Financial Institution (CDFI) and Certified B Corp whose mission is to support Hispanic homeownership in Texas. Over 85% of its mortgages have been made to low to moderate income and first-time homebuyers. With a track record of having injected over $250 million into underserved communities and populations in Texas, the Company plans to grow its loan portfolio over the next decade as traditional portfolio lending institutions continue to exit the single-family residential lending market. For more information, visit www.capitalplusfin.com.

About BrightFi Services:
BrightFi Services, a subsidiary of Verdigris Holdings Inc., delivers a cloud-based  technology and operations BaaS platform that empowers banks to configure, test and deploy new products or digital brands at a fraction of the time and cost. By integrating optimized back-office workflows into their technology platform, BrightFi Services significantly reduces the cost to serve a bank's customers. The Company is accelerating its platform offering to credit unions and community banks in response to the Covid-19 pandemic. For more information, visit: www.brightfiservices.com

Media inquiries - please contact: media@verdigrisholdings.com; info@capitalplusfin.com

 

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SOURCE BrightFi Services and Capital Plus Financial

FAQ

What is the purpose of the alliance between Capital Plus Financial and BrightFi Services?

The alliance aims to enhance banking accessibility and affordability for underbanked customers in Texas.

What does the merger with First State Bank mean for Capital Plus Financial?

The merger is expected to expand Capital Plus's service offerings and customer base.

How does BrightFi Services contribute to the banking services of Capital Plus Financial?

BrightFi Services provides a Banking as a Service (BaaS) platform that helps reduce operational costs and enhance customer services.

What impact has Capital Plus Financial had on underserved communities in Texas?

Capital Plus has injected over $250 million into underserved communities, focusing on supporting Hispanic homeownership.

What types of services will Capital Plus Financial offer through BrightFi's platform?

Capital Plus will offer low-cost digital banking services to reduce reliance on expensive non-bank alternatives.