Treasury Prime Announces Banking-as-a-Service Partnership with Tennessee-based FirstBank

Rhea-AI Summary

Treasury Prime announced a partnership with FB Financial Corp to enhance its Banking-as-a-Service (BaaS) offerings. This collaboration expands Treasury Prime’s bank network significantly, which now includes FirstBank, boasting $12.7 billion in assets. The partnership enables FirstBank to provide embedded finance solutions, increasing its service capabilities to fintechs and enterprises. This development follows a similar partnership with Third Coast Bank, indicating Treasury Prime's ongoing growth strategy and commitment to innovative financial solutions.

Positive

• Partnership with FirstBank expands Treasury Prime's banking network.
• Enables FirstBank to offer embedded finance solutions, enhancing service delivery.
• The partnership reflects Treasury Prime's growth strategy in the BaaS sector.

Negative

• None.

$12 billion AUM bank can now provide BaaS offerings to its customers

SAN FRANCISCO and NASHVILLE, Tenn., Sept. 22, 2022 /PRNewswire/ -- Treasury Prime, a leading Banking-as-a-Service (BaaS) company, today announced it is partnering with FB Financial Corp (FirstBank) to bring embedded finance offerings to its clients. The partnership with FirstBank brings Treasury Prime's bank network to well over a dozen, adding to their rapidly growing available deposit base within the bank network.

"As a modern banking platform, one of our key differentiators, and something that our customers place a lot of value in, is our network of banks, as it provides fintechs the flexibility they want and the scalability they need. By adding FirstBank, we've partnered with a financial institution that meets all the key markers to thrive in our network and deliver for enterprises looking for embedded finance," said Chris Dean, co-founder and CEO of Treasury Prime.

FirstBank is among the first financial institutions on a Jack Henry core to leverage Treasury Prime's embedded finance solutions. The Tennessee-based financial institution with more than $12.7 billion in assets is expanding its client base by delivering embedded finance to Fintech, Payments and InsureTech.

"Treasury Prime's technology enables us to enhance what we offer our clients and expand our reach to enterprises looking for embedded finance partners. We think embedded banking solutions, like what Treasury Prime offers, are at the forefront of helping the banking industry be more accessible, inclusive and compliant," said Wade Peery, Chief Innovation Officer of FirstBank.

The FirstBank partnership comes just months after Treasury Prime announced a similar relationship with Texas-based Third Coast Bank. The company expects to make additional announcements related to its bank network in the weeks ahead.

For more information about Treasury Prime and to learn more about its BaaS network, visit https://www.treasuryprime.com/.

About Treasury Prime

Treasury Prime is building the future of finance. Leveraging its award-winning APIs and versatile Banking as a Service (BaaS) products, Treasury Prime enables fintechs, banks and corporate partners to innovate, adapt, grow and scale to stay competitive in a rapidly changing marketplace. The company helps fintechs with a range of complex services including money transfer, risk mitigation and access to a chartered bank's infrastructure. Treasury Prime works with forward-thinking banks to extend their boundaries, helping to grow topline revenue and lower the cost of deposits. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and named to CB Insights' annual 2021 Fintech 250 list.

About FirstBank

Nashville-based FirstBank, a wholly owned subsidiary of FB Financial Corporation (NYSE: FBK), is the third largest Tennessee-headquartered bank, with 83 full-service branches across Tennessee, South Central Kentucky, Alabama and North Georgia, and a national mortgage business with offices across the Southeast. The bank serves five of the major metropolitan markets in Tennessee and, with approximately $12.7 billion in total assets, has the resources to provide a comprehensive variety of financial services and products.

View original content:https://www.prnewswire.com/news-releases/treasury-prime-announces-banking-as-a-service-partnership-with-tennessee-based-firstbank-301630626.html

SOURCE Treasury Prime

FAQ

What is the significance of the partnership between Treasury Prime and FB Financial Corp?

The partnership allows Treasury Prime to expand its Banking-as-a-Service offerings and enhances FirstBank's ability to deliver embedded finance solutions.

When was the partnership between Treasury Prime and FB Financial Corp announced?

The partnership was announced on September 22, 2022.

What assets does FirstBank have?

FirstBank has approximately $12.7 billion in total assets.

What impact does the partnership have on FB Financial Corp's services?

It enhances FirstBank's capabilities by integrating embedded finance solutions, thereby broadening its client base.

What other partnerships has Treasury Prime established recently?

Treasury Prime recently announced a partnership with Third Coast Bank shortly before the collaboration with FirstBank.