Midland States Bancorp, Inc. announced a new partnership with Synctera, who provides consulting and a technology platform that connects banks with fintech partners. Midland expects to use its partnership with Synctera to focus primarily on developing fintech partnerships that will contribute low-cost deposits and increase the number of customers using its payment solutions.
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Jeffrey G. Ludwig, President and Chief Executive Officer of Midland States Bancorp, said, “Over the past decade, we have had a very successful fintech partnership with an originator of consumer loans, which has given us valuable experience that we plan to leverage through a broader Banking-as-a-Service (BaaS) initiative. One of the goals of our technology investment over the past few years has been to position Midland to effectively compete in the BaaS space, and we are now well prepared to begin adding new fintech relationships and expanding our BaaS capabilities. Through our partnership with Synctera, we intend to be very disciplined in adding new relationships and prudently manage our growth in this area. Over the longer-term, we expect BaaS to become another important catalyst for our earnings growth and further improvement in our financial performance.”
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Peter Hazlehurst, Co-Founder and CEO at Synctera, said, “My team has been impressed with the experience and technological know-how Midland already has in the BaaS space. Midland also shares our philosophy that BaaS provides enhanced opportunities for community banks to increase their relevancy across a footprint far wider than their branch network, and that banks that take advantage of this opportunity will have a competitive edge in the future of banking. With Synctera, Midland will be able to broaden the number of fintechs with whom it can easily partner to continue to scale efficiently and grow revenues.”
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