Blue Ridge Bankshares in
Charlottesville, Va., has sold a payroll business.
The $2.7 billion-asset company
said in a press release Thursday that it sold a majority stake in MoneyWise
Payroll Solutions in Charlottesville to the firm’s other investor during the
first quarter.
The company
also said it has active partnerships with a number of fintechs, including Unit, Flexible Finance, Increase, Upgrade,
Kashable, Jaris, Aeldra, Grow Credit, MentorWorks and Marlette.
Blue Ridge said that fintech-related deposits
increased by 74% in the first quarter from a quarter earlier, to $329 million.
Loans associated with fintech fell by 10%, to $21.5 million.
Interest and fee income tied to fintech
partnerships totaled $1.3 million in the first quarter. Those relationships generated
$48.4 million of assets under management during the quarter.
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