Transend Partners with Midland States Bank to Launch the First B2B Private-Label Working Capital Solution

Rhea-AI Summary

Transend, a B2B private-label working capital solution provider, has partnered with Midland States Bank (NASDAQ: MSBI) to launch an innovative financing approach. This collaboration aims to offer dynamic payment solutions that enable suppliers to provide instant access to working capital at the point of commerce.

The partnership between Transend and Midland States Bank is designed to help suppliers drive loyalty, increase sales, and accelerate accounts receivable with their commercial customers. Both companies share a partner-centric vision and are committed to setting new standards for responsible collaboration between banks and FinTechs in the commercial financing space.

Positive

• Strategic partnership with Midland States Bank (NASDAQ: MSBI) to expand Transend's reach
• Innovative financing approach offering dynamic payment solutions
• Potential to drive loyalty, increase sales, and accelerate accounts receivable for suppliers

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• None.

ATLANTA, July 15, 2024 /PRNewswire/ -- Transend, the first B2B private-label working capital solution that is redefining how suppliers do business with their commercial customers, today announced its strategic partnership with Midland States Bank, a subsidiary of Midland States Bancorp, Inc. (NASDAQ: MSBI).

Through this partnership, Transend and Midland will take an innovative approach to traditional financing, offering dynamic payment solutions that empower suppliers to offer instant access to working capital at the point of commerce.

"To partner with such a forward-thinking community bank as Midland States Bank to launch the Transend platform nationally is such a privilege, and we're incredibly excited about the impact we can have together in the commercial space with their team by our side," said Matt Lekawa, Founder and Chief Executive Officer at Transend. "We've long admired Midland's collaborative approach and we're eager to help set a new standard for how banks responsibly work with FinTechs to help more businesses access financing."

Transend and Midland share a partner-centric vision and through this strategic alliance, the companies will play a critical role in helping suppliers nationwide drive loyalty, increase sales, and accelerate accounts receivable with their commercial customers.

"At Midland, we believe in building strong relationships not just with our borrowers, but also the businesses we align with, and the Transend team embodies the true spirit of partnership," said Jeff Ludwig, Chief Executive Officer for Midland States Bank. "It's inspiring to collaborate with a company who operates with the same level of regulatory and compliance rigor as we do, and we look forward to what we'll be able to accomplish together."

For more information about Transend, visit www.transendfinancial.com, and to learn more about Midland, visit https://www.midlandsb.com/.

About Transend Financial

Transend Financial is the first B2B private-label working capital solution that is redefining how suppliers do business with their commercial customers. Taking an innovative approach to traditional financing, Transend empowers suppliers to seamlessly offer promotional terms at the point of commerce, providing instant access to capital and directly inspiring loyalty, increased sales, and accelerated A/R – all while opening up new deal flow for banks.

Founded in 2023, the company is backed by the industry's leading financial institutions across the country: allowing suppliers to get paid in full in as quick as 24 hours following every transaction, while automating how banks originate and acquire premium credit at scale. Simply put, Transend helps businesses do more business.

For more information about Transend's B2B private-label working capital platform or how to join the Transend Financing Group, visit www.transendfinancial.com.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2024, the Company had total assets of approximately $7.83 billion, and its Wealth Management Group had assets under administration of approximately $3.89 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

Media Contacts

Transend: Emily Sereno
emily@transendfinancial.com

Midland States Bank: Anna Strong
astrong@midlandsb.com

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SOURCE Transend Financial

FAQ

What is the purpose of Transend's partnership with Midland States Bank (MSBI)?

The partnership aims to launch the first B2B private-label working capital solution, offering dynamic payment solutions that enable suppliers to provide instant access to working capital at the point of commerce.

How will the Transend and Midland States Bank (MSBI) partnership benefit suppliers?

The partnership is designed to help suppliers drive loyalty, increase sales, and accelerate accounts receivable with their commercial customers through innovative financing solutions.

What is unique about Transend's working capital solution with Midland States Bank (MSBI)?

It's the first B2B private-label working capital solution that redefines how suppliers do business with their commercial customers, offering instant access to working capital at the point of commerce.

When was the partnership between Transend and Midland States Bank (MSBI) announced?

The partnership was announced on July 15, 2024, as stated in the press release.