Treasury Prime Partners with FirstBank for BaaS Embedded Finance
On September 22, 2022, Treasury Prime announced a Banking-as-a-Service partnership with FirstBank, a Tennessee-based bank with $12.7 billion in assets and a subsidiary of FB Financial Corp. Through Treasury Prime's API-driven platform, FirstBank will offer embedded finance solutions to fintechs, payments companies, and InsureTech clients. FirstBank becomes the first institution on a Jack Henry core to leverage Treasury Prime's BaaS capabilities, expanding the platform's bank network beyond a dozen partners and growing its deposit base.
Treasury Prime co-founder and CEO Chris Dean highlighted FirstBank's scalability and flexibility as key differentiators for embedded finance. FirstBank's CEO noted the technology partnership enhances client offerings and extends the bank's reach to digital-first audiences. The partnership reflects the growing trend of mid-size and regional banks entering the BaaS ecosystem to compete with larger institutions.
- Expands Treasury Prime's sponsor bank network and validates demand for BaaS among mid-size regional banks on Jack Henry cores
- Demonstrates that $10B+ asset banks are increasingly entering the BaaS market to capture fintech deposit flows and fee income