MainStreet Bank Launches Avenu Embedded Banking Platform with First Client SafariPay
On October 18, 2023, MainStreet Bank officially inaugurated Avenu, its proprietary Software-as-a-Service embedded banking platform, with SafariPay as its first client. Avenu is designed to connect fintech companies directly to MainStreet Bank as a sponsor bank, enabling them to offer embedded financial products such as accounts and payments. SafariPay, the inaugural client, will leverage the platform to deliver banking services to its own customer base.
The SaaS model allows MainStreet Bank to scale its BaaS offerings while maintaining direct oversight of the fintech relationships. This approach differs from the typical multi-bank middleware model by giving the bank more control over compliance and client management. Financial terms of the arrangement were not disclosed.
The launch positions MainStreet Bank as a sponsor bank with its own technology stack, competing in the embedded banking market alongside established BaaS providers.
- Demonstrates the trend of sponsor banks building proprietary BaaS technology rather than relying solely on third-party middleware
- Signals increasing competition in the embedded banking space from community banks with direct-to-fintech platforms