Less than a year ago, MVB Financial Corp. (“MVB,” “MVB Financial”) (Nasdaq: MVBF), the holding company for MVB Bank, Inc., announced that Chartwell Compliance had joined the MVB family through its acquisition as a wholly-owned subsidiary of MVB Bank. Today, Chartwell Compliance has fully integrated into the MVB family and is leveraging the innovative relationship to create unique opportunities on the financial frontier.
“Compliance is one of the intangible strengths – and fears – of the financial services industry,” said Daniel Weiss, President and CEO, Chartwell Compliance. “Compliance doesn’t get discussed a lot as an asset. Together, MVB and Chartwell Compliance have created something unique and innovative, compliance as a profit center instead of a cost center.”
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Chartwell Compliance is one of the world’s leading specialist firms in state and federal compliance and market entry facilitation for firms entering into or expanding in North America, serving many of the most high-profile providers of the fintech industry. The team has grown nearly 50% since acquisition and includes some two dozen veterans of fintech companies, banks and regulatory agencies averaging more than 20 years of experience per person.
MVB also has become one of Chartwell’s most important clients, with Chartwell assisting with due diligence and increasing efficiency.
“I am very pleased with the speed of Chartwell Compliance’s integration into MVB,” said Larry F. Mazza, President and CEO, MVB Financial Corp. “We will continue to leverage this competitive advantage that helps reduce risk for MVB’s expanding fintech vertical.”
The convergence of innovation in compliance and fintech and Chartwell’s reputation for regulatory and compliance excellence is resulting in an increased demand for Chartwell’s services. In just the past month, Chartwell reached agreements with 18 different customers for compliance assistance landing banking relationships; state money transmitter, crypto currency and lending licensing acquisition, maintenance and transfer of control responsibilities; and anti-money laundering, consumer protection compliance, and fraud prevention program builds and audits. The company is assisting clients with compliance in Canada, the EU and the Pacific Rim as well.
“Chartwell is a good fit to partner with fintech companies because we can get them to licensing faster than anyone else, allowing them to ramp up more quickly. Until its first customer transaction, a fintech company is really just a dream,” Weiss said. “With our help, everyone wins. Chartwell provides safety and soundness that keeps regulators happy. Companies win because this allows them to grow. Communities win because of the number of jobs created by these new companies. Chartwell and MVB win from the increased revenue created.”
