Finxact, a Fiserv Company and the provider of the leading next-gen core banking platform to the US regional and super-regional banking sector, today announced that BetaBank will power its product ecosystem using the Finxact cloud-native core.
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BetaBank is in formation, having submitted its banking charter application in April 2022. Concomitant with its application and fund-raising efforts, the bank is working with some industry powerhouses including Google to build from a scratch a fully automated digital lending platform driven by algorithms designed to remove inherent decisioning bias from traditional underwriting processes for small businesses.
BetaBank is launching at an opportune moment in the evolution of banking technology. It will be one of the first US banks built from scratch to run a next-gen core in Google Cloud. Its product ecosystem is composed of best-in-class providers individually selected by BetaBank that will connect via APIs to the open Finxact core. As a purely digital bank, it will have the ability to lend across the country, but its focus will be on the Chicago-area community of small businesses.
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“BetaBank is what the future of lending will look like: democratized, fully-automated, purely digital, fair and transparent for the borrower, and cost efficient for the lender to serve SMBs and even sole proprietors. It’s an honor for Finxact to be selected to underpin the technology stack that will help them in their mission” said Ryan Victor, Chief Revenue Officer of Finxact.
“The opportunity to start a bank from scratch presents us with a host of exciting and consequential decisions, among them which core system to use,” said Seke Ballard, Founder and Chairman of BetaBank. “We considered very carefully our options and concluded that Finxact will create a distinct competitive advantage for the bank.”
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