Provident
Bancorp in Amesbury, Mass., is the latest bank to report traction in its
Banking-as-a-Service (BaaS) platform.
The $1.8
billion-asset company said in a press release Friday that deposits with BaaS
customers increased by 58% in the first quarter from a quarter earlier, to
$94.3 million.
Provident said its
portfolio of digital asset loans decreased by 7% from a quarter earlier after a
client paid down a $35 million credit line. The company originated $29.1
million in new digital asset loans during the first quarter.
Other banks are making progress with BaaS.
Coastal
Financial in Everett, Wash., said
total loans in its BaaS division increased
by 49% in the first quarter from a quarter earlier, to roughly $515
million. BaaS-related deposits at the $2.8 billion-asset company rose by 26% to
$900 million.
Central Pacific Financial in Honolulu said its
first BaaS client is on pace to launch
its first product this summer. The $7.3 billion-asset company said Swell
Financial should debut its integrated checking and line-of-credit account in a
matter of months.
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