Thursday, August 26, 2021

MVB ups stake in tech firm with gaming industry focus

MVB Financial in Fairmont, W.Va., will increase its stake in Interchecks Technologies, a payment disbursement platform.

Interchecks, founded in 2016, has offices in Boca Raton, Fla., and Brooklyn, N.Y. The company has a focus on the gaming industry segments of online sports betting, daily fantasy sports and iGaming.

The $2.7 billion-asset MVB said in a press release Thursday that it will boost its stake to 16% by paying $4.2 million, based on the shares being exchanged and closing price of MVB stock on Wednesday.

MVB's release did not mention the size of its original investment, which it made in 2019.

MVB said it had also entered into a management contract where Interchecks CEO Dylan Massey and his team will manager the product development and rollout of GRAND, the bank’s digital account for gaming and crypto.

“Increasing our investment and deepening our relationship with Interchecks is an important financial and strategic objective,” Larry Mazza, MVB’s president and CEO, said in the release.

“Interchecks has achieved remarkable success over the past several years,” Mazza added. “Its pioneering payment disbursement technology is a natural fit with our focus on the gaming industry.”

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