Midland States Bancorp extends Banking-as-a-Service initiative with Synctera Partnership

News and research before you listen to it on CNBC and others. Claim the free 1 week trial at StreetInsider Premium here.

EFFINGHAM, Ill., April 07, 2022 (GLOBE NEWSWIRE) – Midland States Bancorp, Inc. (NASDAQ: MSBI) (the “Company” or “Midland”) today announced a new partnership with Synctera, which provides advice and 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 to low-cost deposits and increase the number of customers using its payment solutions.

Jeffrey G. Ludwig, President and CEO of Midland States Bancorp, said: “Over the past decade, we have had a very successful fintech partnership with a consumer lender, which has given us valuable experience that we intend to leverage through a broader Banking initiative. as-a-Service (BaaS). One of the goals of our technology investment in recent years has been to position Midland to compete effectively in the BaaS space and we are now well prepared to start adding new fintech relationships and expand our capabilities in the BaaS. Through our partnership with Synctera, we intend to be very disciplined in adding new relationships and to manage our growth in this area wisely. “In the long run, we expect BaaS to become another important catalyst for increasing our profits and further improving our financial performance.”

Peter Hazlehurst, Co-Founder and CEO of Synctera, said: “My team is impressed with the experience and technological know-how that Midland already has in the field of BaaS. Midland also shares our philosophy that BaaS provides improved opportunities for Community banks to increase their relevance to a much wider footprint than their branch network, and that banks taking advantage of this opportunity will have a competitive advantage in the future of banks. “With Synctera, Midland will be able to expand the number of fintechs it can easily work with to continue to scale effectively and increase revenue.”

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community equity holding company based in Effingham, Illinois and is the sole shareholder in Midland States Bank. As of December 31, 2021, the Company had total assets of approximately $ 7.44 billion and its Asset Management Group had assets under management of approximately $ 4.22 billion. Midland provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For more information, visit https://www.midlandsb.com/ the https://www.linkedin.com/company/midland-states-bank.

About Synctera

Synctera’s integrated platform and guided, personalized experiences help FinTech manufacturers create products with built-in banking, card issuance and more. Synctera’s unique programs enable transparent, efficient partnerships between compatible FinTech manufacturers and Community banks, whether a FinTech manufacturer wants to quickly launch a less viable product or escalate a comprehensive offering. The company started in 2020 and was co-founded by CEO Peter Hazlehurst, former head of Uber Money, head of Google Wallet and CPO at Yodlee, as well as CTO, Kris Hansen and head of product, Dominik Weisserth. For more information, visit https://www.synctera.com/.

Future statements

Readers should note that in addition to the historical information contained herein, this press release contains “forecast statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended. , and section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements about the Company’s plans, objectives, goals, future financial position and future profit levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including the effects of the COVID-19 pandemic and its potential impact on the economic environment, our customers and our businesses. as well as any changes in the laws, regulations and mandates of the federal, state and local governments in relation to the pandemic; changes in the financial markets; changes in business plans as appropriate; refer from time to time to archives made by the Company to the Hellenic Capital Market Commission. Readers should note that the future statements contained in this press release do not guarantee future events and that the actual events may differ substantially from those made or proposed by future statements. Future statements can generally be identified using long-term terminology such as “will”, “suggest”, “may”, “plan”, “seek”, “expect”, “intend”, “estimate”, “predict”, “believe” “,” Continuation “or similar terminology. Any future statements presented herein are only made at the date of this press release and the Company assumes no obligation to update or revise any future statements to reflect changes in assumptions, the occurrence of unforeseen events or otherwise.

CONTACT MIDLAND:Douglas J. Tucker, Sr. VP, Corporate Counsel, at [email protected] or (217) 342-7321

CONTACT SYNCTERA: Kara Lester, Gregory FCA for Synctera, at [email protected] or (610) 228-2119

Main logo

Source: Midland States Bancorp, Inc.

Leave a Comment