The renewed agreement between the two organizations ensures The Bancorp will maintain its key role as a banking partner and continue to hold Chime member deposit accounts
The Bancorp and Chime Extend Partnership. (Credit: Cytonn Photography on Unsplash)
The Bancorp Bank, N.A., member FDIC, a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), today announced that it has entered into a long-term extension of its private label banking services agreement with Chime Financial, Inc., a leading consumer fintech. This renewed relationship further strengthens The Bancorp’s position as the leader in delivering banking sponsorship services to the U.S. challenger banking sector.
The renewed agreement between the two organizations ensures The Bancorp will maintain its key role as a banking partner and continue to hold Chime member deposit accounts. The partnership will enable Chime to continue to focus on designing innovative, easy-to-use, FDIC-insured banking services for everyday people.
“We are thrilled to not only renew, but to also expand our partnership with Chime, as it solidifies our dedication to driving the future of fintech,” said Ryan Harris, EVP and Head of Fintech Solutions at The Bancorp. “At The Bancorp, we are committed to embracing innovation and redefining what is possible in the world of banking. Our goal is to not only meet but exceed the needs and expectations of Chime members now and into the future,” he concluded.
While evolution in technology is constant and impacts how consumers connect with and use their payment accounts, consumers should not have to choose between innovation and important consumer protection. This partnership will enable Chime to continue to offer fully regulated financial services products that are beloved by millions of people across the US.
“The Bancorp has been an important partner to Chime since the beginning,” said Chris Britt, Chime CEO and co-founder. “This partnership helps enable Chime to continue to innovate and define the next generation of banking services by providing trusted, consumer-aligned financial products that help our members achieve financial peace of mind.”
Source: Company Press Release