Bend by FNBO and Greenlight Launch Family Cash Mastercard via BaaS Partnership
In November 2022, Bend by FNBO — First National Bank of Omaha's credit card-as-a-service offering — announced its inaugural credit card partnership with Greenlight, a family-focused fintech company. Together they launched the Greenlight Family Cash Mastercard, which provides parents up to 3% unlimited cash back on every purchase, with the goal of helping families invest for the future and teaching children financial responsibility. First National Bank of Omaha, with over 60 years of credit card partnership experience, serves as the banking sponsor underwriting the program.
Marqeta participates as the payment technology provider, enabling modern, customizable, and embeddable card experiences. Mastercard rounds out the partnership by supplying cybersecurity solutions, digital benefits, and its rewards program to enhance the cardholder experience. This multi-party arrangement exemplifies the evolving BaaS ecosystem where a sponsor bank (FNBO), a card-issuing platform (Marqeta), a network (Mastercard), and a consumer-facing fintech (Greenlight) each contribute specialized capabilities.
Financial terms of the partnership were not publicly disclosed. The launch marks Bend by FNBO's entry into the competitive credit card-as-a-service market.
- Demonstrates growing demand for credit card-as-a-service platforms, where traditional banks package their charter and underwriting capabilities for fintech distribution
- Signals that established banks like FNBO are formalizing BaaS offerings (Bend) to compete for fintech partnerships in the embedded credit card space
- Multi-party model (sponsor bank + card issuer processor + network + fintech) sets a template for complex BaaS value chains