MainStreet in Va. taps exec to run new BaaS division

MainStreet Bancshares in Fairfax., Va., has promoted an insider to run its newly formed Banking as a Service division.

The $1.7 billion-asset company said in a press release Tuesday that Todd Youngren had become president of Avenu, a division of its bank that looks to provide services to fintechs.

Youngrens previously served as managing director for the fintech and payments banking group.

"This promotion recognizes Todd’s exceptional leadership in bringing our Banking as a Service solution to market,” Jeff Dick, MainStreet’s chairman and CEO, said in the release. “We designed Avenu to be a transformational solution for fintechs, and over the coming months Todd and his team will finish converting our vision into reality.”

“Mobile payment application providers perform high volumes of BaaS transactions and urgently need the support of knowledgeable banking partners,” Youngrens said in the release. “Avenu is harnessing the expertise we have amassed over years of serving these niche markets to create a single, streamlined solution.”

MainStreet said it plans to formally launch the new brand on Oct. 25.