nbkc bank’s move to provide Banking as a Service (BaaS) solutions to Acorns, a leading savings and investment app, is part of a larger strategy to invest in fintech companies without bank cards, said Melissa Eggleston.
“We see great potential as fintechs are taking off across the country. These startups want to offer banking products to their customers in addition to their investment offerings,” continued Eggleston, chief deposit officer at nbkc bank. “We are gaining a lot of traction in the market as a trusted bank of record, and this allows us to rapidly scale grow our business.”
Acorns, based in Irvine, Calif., has helped millions of Americans save and invest $15 billion to date, he noted of the bank’s latest portfolio addition.
“[Acorns’] choosing nbkc as a partner reflects our strong reputation and business growth within the fintech space, which has been a major focus for us,” added Eggleston.
Click here Learn more about nbkc’s approach to fintech.
Through its partnership with Acorns, nbkc will provide Acorns-branded checking accounts and debit cards to eligible Acorns customers so they can spend smarter, save and invest more. Onboarding customers can access checking accounts and debit cards during the account application process.
“At the heart of Acorns is our mission to look after the best financial interests of emerging markets,” said Brent Williams, general manager of banking at Acorns. “nbkc is a mission-aligned partner providing strategic support as we continue to help millions of everyday Americans spend smarter and save and invest more.”
With Acorns Checking, subscribers can invest loose change with every swipe and automatically invest a portion of every paycheck.
“We understand fintech companies because we are integrated with emerging financial technologies,” Eggleston said. “Banking as a service for fintechs has been a very logical and productive way for us to expand our banking business and deliver real value to fintechs and their customers.”
Formed in 1999, nbkc offers nationwide online home lending and consumer banking, as well as community and commercial banking throughout its home Kansas City region, as well as banking-as-a-service for fintech companies in the U.S.
“We’re also looking to work with other strong Kansas City entrepreneurs,” Eggleston said. “Whether it’s supporting small businesses with our loan programs or investing in exciting new markets like fintech, our door is open to new possibilities.”
The bank previously created the Fountain City Fintech accelerator, which nurtured high-profile cohorts in 2018 and 2019 before being discontinued.