STOCK TITAN

Sterling Bancorp Announces Strategic Investment in JAM FINTOP Blockchain, LP

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Sterling Bancorp (NYSE: STL) has announced an investment in the JAM FINTOP Blockchain fund, focusing on blockchain infrastructure for financial institutions. This investment marks Sterling's ongoing commitment to fintech innovation, as it joins other Strategic Lead Investors including Figure Technologies and Piper Sandler. The partnership aims to explore blockchain applications that align with Sterling's long-term strategic goals. By joining the JAM FINTOP Blockchain Committee, Sterling seeks to collaborate with forward-thinking institutions to adopt transformative technologies in the banking sector.

Positive
  • Sterling Bancorp invests in JAM FINTOP Blockchain, positioning itself in the fintech sector.
  • Strategic partnership with other leading financial institutions enhances collaborative opportunities.
  • Exploration of blockchain technology aligns with long-term strategic priorities.
Negative
  • None.

PEARL RIVER, N.Y., Jan. 11, 2022 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL) (“Sterling”), today announced an investment in JAM FINTOP Blockchain, LP (the “fund”), a venture fund that will focus its investments on blockchain infrastructure providers that help regulated financial institutions compliantly adopt and operate blockchain enabled applications in their business. The fund is managed by JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, LLC (JAM), and FINTOP Capital.

Sterling is one of a group of Strategic Lead Investors in the fund which includes Figure Technologies, Inc. and Piper Sandler Companies and will sit on the JAM FINTOP Blockchain Committee. Sterling’s investment in the fund is the latest in a series of investments in the financial technology space, both through targeted investments in early stage fintech companies and through investments in funds that are focused on allocating capital to disruptive technology providers to the bank sector.

“We are excited to invest in the JAM FINTOP Blockchain fund. Blockchain has the potential to transform the financial system and we are actively exploring specific use cases that align to our long term strategic priorities and advance our innovation agenda,” said Bea Ordonez, Chief Financial Officer at Sterling Bancorp. “Partnering with the JAM FINTOP Network provides us an opportunity to collaborate with other forward thinking institutions, to become early adopters of this disruptive technology and to invest in companies that are providing solutions that drive transformation in the banking sector.”

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 through 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 JAM FINTOP:
JAM FINTOP is a joint venture between JAM Special Opportunity Ventures (“JSOV”), an affiliate of Jacobs Asset Management (“JAM”), and FINTOP Capital. The partnership brings together bank experts and seasoned fintech entrepreneurs to invest in companies changing the way financial institutions and their customers move, track, and interact with money. JAM has a 26-year history investing in public and private community banks, and FINTOP Capital is a leading fintech investor with over 140 years of collective experience. JAM and JSOV are not affiliated with FINTOP Capital.

JAM FINTOP Banktech raised $150 million in April 2021 to help accelerate technology adoption at community banks across the United States. JAM FINTOP's second fund, JAM FINTOP Blockchain, will invest in the plumbing and infrastructure necessary for regulated financial institutions to operate blockchain technology and businesses in areas such as lending, payments and exchanges. For more information, visit www.jamfintop.com.

Sterling Bancorp
Emlen Harmon, SVP – Director of Investor Relations
eharmon@snb.com
212-309-7646


FAQ

What is Sterling Bancorp's recent investment related to blockchain?

Sterling Bancorp announced an investment in the JAM FINTOP Blockchain fund to support blockchain infrastructure for financial institutions.

Who are the other investors in the JAM FINTOP Blockchain fund?

Other Strategic Lead Investors include Figure Technologies and Piper Sandler.

How is Sterling Bancorp exploring blockchain technology?

Sterling is exploring specific use cases of blockchain that align with its long-term strategic goals and innovation agenda.

When was the investment in the JAM FINTOP Blockchain fund announced?

The investment was announced on January 11, 2022.

What are the goals of the JAM FINTOP Blockchain fund?

The fund focuses on investing in blockchain infrastructure providers to help regulated financial institutions adopt blockchain applications.

STL

NYSE:STL

STL Rankings

STL Latest News

STL Stock Data

190.44M
3.1%
Savings Institutions
Finance and Insurance
Link