Treasury Prime and Academy Bank Launch BaaS Partnership for Embedded Finance
On July 31, 2023, Treasury Prime and Academy Bank announced a partnership to address growing market demand for Banking-as-a-Service solutions. The collaboration combines Academy Bank's FDIC-insured banking infrastructure with Treasury Prime's embedded banking software to deliver embedded finance services to fintech clients. Key offerings include embedded deposits, money transfers, and risk mitigation capabilities.
Academy Bank's Director of Fintech Partnerships highlighted the partnership as a significant enhancement to the bank's offerings for supporting fintech growth. Treasury Prime's platform enables fintech companies to integrate banking services directly into their products without building bank infrastructure from scratch. The partnership expands Treasury Prime's network of bank partners and provides Academy Bank with a technology-forward channel to reach digital-first customers.
No specific financial terms of the partnership were disclosed.
- Expands Treasury Prime's bank partner network, strengthening its BaaS middleware position amid increasing competition
- Signals continued bank appetite for fintech partnerships through BaaS intermediaries despite growing regulatory scrutiny