EQ Bank Expands BIN Sponsorship Collaboration with Berkeley Payments in Canada
On November 7, 2023, EQ Bank (the digital banking platform of Equitable Bank) announced an expanded collaboration with Berkeley Payments to bolster its BIN sponsorship business for prepaid cards in Canada. EQ Bank acts as the issuing BIN sponsor, while Berkeley Payments manages the prepaid card programs, leveraging nearly two decades of experience in branded prepaid and virtual card solutions for corporations, governments, and NGOs in the US and Canada. The partnership builds on prior work, including EQ Bank's assumption of over 120 commercial prepaid card programs from an Ontario credit union in September 2023.
Supported use cases include corporate incentive programs, reimbursements, and early wage access. Mahima Poddar, Group Head of Personal Banking at Equitable Bank, expressed enthusiasm for driving innovative prepaid card use cases in Canada. Berkeley CEO Lawrence Tepperman noted the partnership will enable more competition and options for the Canadian marketplace.
The deal positions EQ Bank as a growing BaaS-style infrastructure provider in Canada's prepaid card ecosystem.
- Strengthens EQ Bank's position as a BaaS-style BIN sponsor in the Canadian market, increasing competition against incumbent card issuers
- Signals growing demand for bank-fintech BIN sponsorship arrangements in Canada, mirroring the established US BaaS model