Avenu Targets Banking as a Service for Fintech Partners
MainStreet Bancshares, Inc., the holding company for MainStreet Bank announced the promotion of Todd Youngren to the new position of President of Avenu™, a division of MainStreet Bank.
Youngren was previously Senior Vice President and Managing Director for the Fintech and Payments Banking Group, which has been reorganized under the Avenu brand. He is leading MainStreet Bank’s drive to provide Banking as a Service (BaaS) to fintechs that are focused on providing banking products and services.
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“This promotion recognizes Todd’s exceptional leadership in bringing our Banking as a Service solution to market,” said Jeff W. Dick, Chairman and CEO of MainStreet Bank and MainStreet Bancshares Inc. “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.”
“Todd offers our clients the best of both worlds because he has a rare blend of experience,” Dick added. “He has a deep understanding of the emerging trends and technological innovations that are revolutionizing payments, coupled with more than 30 years of hands-on financial payments and treasury know-how.”
“This is an exciting time to be a payments innovator,” Youngren said. “Mobile payment application providers perform high volumes of BaaS transactions and urgently need the support of knowledgeable banking partners. Avenu™ is harnessing the expertise we have amassed over years of serving these niche markets to create a single, streamlined solution. Our goal is to help our clients complete transactions smoothly, protect their resources, know their customers, and stay in compliance.”
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The transition from the Fintech and Payments Banking Group to Avenu™ is already under way, with a formal launch of the new brand planned for October 25, 2021.
Youngren started his banking career in treasury management at the former Riggs Bank in Washington, D.C., which catered to embassies, nonprofits and educational institutions, as well as corporations. He went onto a similar role at Sallie Mae, a leader in student loans, and eventually became CFO of Sallie Mae’s Business Office Solutions Group, a pioneer in developing online transaction processing for higher education institutions. While there, he helped devise a number of innovative tools, including the refund disbursement service, which streamlined the process of refunding student balances back to the students.
Subsequently, he gained experience with tax payment processing at Tier Technologies and with donation payments at FrontStream. Youngren earned a master’s degree in Business Administration from Marymount University. He also holds a Bachelor’s Degree from Lawrence University.
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