AMESBURY, Mass., Nov. 4, 2021 /PRNewswire/ — BankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging markets, was chosen by Capchase, a New York-based provider of non-dilutive capital for recurring-revenue companies, to provide Banking-as-a-Service infrastructure for its latest product offering, Capchase Earn, launching today.
Capchase Earn will allow companies to earn more with their idle cash and reduce their overall cost of capital. Through this partnership, BankProv will support Capchase’s need for access to premium banking services, including white-labeled deposit products with 100% deposit insurance. Capchase will integrate the account directly into its existing platform and utilize Modern Treasury, a payment operations platform, to assist with payments and reconciliation.
“BankProv is proud to play a role in Capchase’s unique new initiative to help businesses utilize idle cash to unlock low-cost growth capital,” said Dave Mansfield, CEO of BankProv. “This new relationship marks the Bank’s further expansion into Banking-as-a-Service with high-quality, industry-shaping partners like Capchase.”
A first of its kind, Capchase Earn is an innovative account for growing startups that generates high monthly rewards and significantly reduces the total cost of capital, which supports Capchase’s mission of accelerating growth for high-potential businesses through better financial operations.
Miguel Fernandez, Co-founder and CEO of Capchase commented: “Capchase Earn is going to change the way companies grow forever. By combining this account with our other revenue financing products, a company raising a round for 18 months of runway can now go 2.5 times longer without slowing down for a negligible cost. This is a game changer for the startup community and is yet another way Capchase is working to help startups focus on building and growing first, not fundraising.”
About BankProv
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.
About Capchase
Capchase is a platform for recurring-revenue companies to secure non-dilutive capital. Founded in Boston, MA in 2020, the company provides financing by bringing future expected cash flows to the present day – thereby extending an immediate line of credit. Companies that work with Capchase are able to secure funding that is fast, flexible, and doesn’t dilute their ownership.
Press Contact: Carie Kelly, SVP Virtual Banking
Phone: (978) 834-8583
Email: ckelly@bankprov.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/bankprov-chosen-by-capchase-to-launch-innovative-product-for-growing-startups-301416935.html
SOURCE The Provident Bank
Source link
The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.
