Sterling Bancorp Announces Strategic Investment in FinTron LLC

Rhea-AI Summary

Sterling Bancorp (NYSE: STL) announced a strategic investment in FinTron LLC, a FinTech firm focused on digital banking and investment services for millennials and Gen Z. FinTron offers an app with commission-free trading, investment automation, and educational resources tailored for young investors. The partnership aims to enhance financial access and literacy, leveraging Sterling's expertise in digital services. With a median client age of 26, FinTron supports over 80% of users with limited investment experience. This initiative reflects Sterling’s commitment to growing its digital product offerings.

Positive

• Strategic investment in FinTron enhances Sterling's digital product offerings.
• FinTron's focus on financial literacy targets a young demographic with limited investment experience.
• Collaboration may improve access to financial services for millennials and Gen Z.

Negative

• None.

PEARL RIVER, N.Y., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL) (“Sterling”) today announced a strategic investment in FinTron LLC (“FinTron”), a FinTech company providing a range of digitally enabled banking and investment services to the Mobile Generation (millennials and Gen Z ages 18 to 39). Through its subsidiary, Fintron Invest, an SEC registered broker-dealer, the company provides a range of investment services, including commission-free trading in more than two thousand stocks and ETFs, as well as investment automation and educational financial resources, all delivered through an “all-in-one” investing and investment education app.

With a median client age of 26 and over 80% of its clients possessing limited or no investment experience, FinTron Invest is democratizing personal finance for a new generation of investors. The FinTron Invest app offers educational resources, automated investing, budgeting, and planning tools that work together to promote financial literacy. To better enable financial proficiency for younger generations and those intimidated by investment jargon, FinTron has also deployed a standalone product coined “FinTronU” – a free, simulated investing game and financial literacy program utilized by thousands of new investors.

“We are excited to partner with FinTron, an innovative financial technology company that is looking to expand access to financial services and to promote financial literacy among a new generation of investors,” said Bea Ordonez, Chief Financial Officer of Sterling Bancorp. “We look forward to partnering with the Fintron team, including via our Banking as a Service business, as we continue to make investments that allow us to grow and enhance our suite of digitally enabled products.”

“Sterling’s focus on digital adoption, the evolution of open banking, and its continued engagement with and investment in financial technology companies make it a particularly appealing partner,” said Wilder Rumpf, founder and CEO of FinTron. “We look forward to working with Sterling to continue to innovate in the banking and financial services ecosystem.”

About Sterling Bancorp:

Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families, and consumers within the communities it serves via teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp website at www.SterlingBancorp.com.

About FinTron Invest, LLC:

FinTron is on a mission to make investing, saving, and budgeting accessible, understandable, and doable for the Mobile Generation through our all-in-one investing, and investment education app. We promote financial freedom through better education, affordable financial products, and socially responsible give-back programs. FinTron Invest brokerage accounts are cleared and held in custody by industry- leading APEX Clearing Corp., member of FINRA and SIPC. To learn more about FinTron, please visit our website, and be sure to follow us on Instagram, TikTok, and Facebook. FinTron Invest is registered as a broker-dealer with the SEC and is a member of FINRA: it is headquartered in Westport, CT.

Contact:
Sterling Bancorp
Emlen Harmon, Senior Managing Director – Investor Relations
eharmon@snb.com 
212-309-7646

Sterling Bancorp
Two Blue Hill Plaza, Second Floor
Pearl River, NY 10965
T 845.369.8040
F 845.369.8255
http://www.sterlingbancorp.com

 

FAQ

What is Sterling Bancorp's recent investment in FinTron?

Sterling Bancorp announced a strategic investment in FinTron LLC, a FinTech company focusing on digital banking and investment services.

How does FinTron help young investors?

FinTron helps young investors through an app offering commission-free trading, investment automation, and educational resources.

What age group does FinTron primarily target?

FinTron primarily targets millennials and Gen Z, specifically individuals aged 18 to 39.

What percentage of FinTron's clients have limited investment experience?

Over 80% of FinTron's clients possess limited or no investment experience.

What are the benefits of investing in FinTron for Sterling Bancorp?

The investment in FinTron allows Sterling Bancorp to expand its digital product suite and enhance financial literacy among younger investors.