Live Oak Bank Expands Embedded Banking Team

Rhea-AI Summary

Live Oak Bank announced the appointment of Jake Tupa to lead its embedded banking initiatives. Tupa, who previously managed fintech partnerships at Choice Financial and Citi, aims to enhance the integration of banking services with business management solutions, addressing the needs of small business owners. His strategy focuses on simplifying business management through Live Oak's technology, offering a high-tech, high-touch approach. Live Oak Bank is a digitally-focused, FDIC-insured bank, committed to providing innovative financial products for businesses.

Positive

• Appointment of Jake Tupa to lead embedded banking efforts, enhancing strategic focus.
• Tupa's experience in fintech partnerships expected to improve customer service integration.
• Intention to provide seamless banking services that align with small businesses' operational platforms.

Negative

• None.

WILMINGTON, N.C., Feb. 15, 2022 (GLOBE NEWSWIRE) --  Live Oak Bank announced today that Jake Tupa will lead the organization’s embedded banking efforts.

Tupa, Live Oak’s head of embedded banking, brings a deep understanding of fintech partnership strategy, banking infrastructure and financial technology solutions to the organization. He will report to Live Oak’s EVP of Corporate Development and Strategy Stephanie Mann.

“We are very pleased to have Jake spearhead our approach to embedded banking,” said Mann. “His experience and skills will accelerate our ability to deliver products and solutions that are seamlessly integrated into the systems small business owners use every day.”

Embedded banking unlocks the combined power of banking and business management solutions to provide more value to customers.

“Small businesses have made it clear – they want their banking services to work seamlessly with the platforms they use to run their business today,” said Tupa. “Leveraging Live Oak’s best-in-class technology, we can make it simpler to manage their business and extend Live Oak capabilities to where they operate day-to-day.”

By partnering with industry-specific software companies, Live Oak can further enhance the customer experience by connecting key business data, impactful financial products, and Live Oak’s culture of exceptional service directly in the system where they manage their business.

“We want to deliver our high-tech, high-touch approach in a way that small business owners have not had before, and we are excited to build out our partnerships to better serve customers in new and exciting ways,” Tupa said.

Tupa comes to Live Oak from Choice Financial and Citi where he managed fintech partnerships, technology innovation and digitization efforts.

About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build, and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.  

Contact:
Claire Parker, SVP of Corporate Communications
910.597.1592
claire.parker@liveoak.bank

FAQ

What is Jake Tupa's role at Live Oak Bank?

Jake Tupa will lead the organization's embedded banking efforts.

What experience does Jake Tupa bring to Live Oak Bank?

Tupa has a strong background in fintech partnership strategy and banking infrastructure from his previous roles at Choice Financial and Citi.

What is embedded banking as discussed in the Live Oak Bank press release?

Embedded banking integrates banking services directly into business management platforms, enhancing customer value.

How will Live Oak Bank enhance customer experience with its embedded banking strategy?

By partnering with industry-specific software companies to connect business data with financial products.

What is Live Oak Bank's stock symbol?

The stock symbol for Live Oak Bancshares is LOB.