Choice Financial Group
US · Fargo, ND · ND Dept. of Financial Institutions; FDIC (insured)
Choice Financial Group is a Bank based in US (Fargo, ND), regulated by ND Dept. of Financial Institutions; FDIC (insured). The institution's BaaS program is currently under regulatory scrutiny, launched in 2017.
Choice Financial Group supports the following products and services: Accounts, Cards, Payments. The bank serves customers across US.
Notable fintech partners include Mercury, Current.
- Products Supported
- AccountsCardsPayments
- Geographies Served
- US
- Charter / Regulator
- ND Dept. of Financial Institutions; FDIC (insured)
- API Standards
- REST
- Year Program Launched
- 2017
Mercury, Current
FDIC consent order (Dec 2023) for BSA violations; required enhanced third-party fintech oversight
WARNING: FDIC consent order active; $3.5B+ assets; BaaS division 'Choice Fin'; founding member of BHB BaaS Association.
Mercury Ends Evolve Bank Partnership, Shifts to Multi-Bank Strategy
Fintech Mercury ended its banking partnership with Evolve Bank & Trust in 2025, pivoting to a multi-bank strategy with partners including Choice Financial Group and Column. The move reflects growing fintech emphasis on resilience and reduced single-bank dependency. The shift underscores evolving risk management approaches in BaaS relationships.
FDIC Issues Consent Order Against Choice Financial Group for BSA Violations
The FDIC publicized a consent order against Choice Financial Group (related to Choice Bank) for BSA violations and weak oversight of third-party fintech relationships. The action stemmed from a June 2023 examination and highlights continued regulatory focus on banks that serve as BaaS partners. Choice Bank is another in a growing list of sponsor banks facing enforcement actions.
The Bancorp Partners with Current as BaaS Sponsor Bank
The Bancorp Bank announced a banking-as-a-service sponsor bank partnership with fintech Current to provide back-end banking services and card issuing sponsorship. Current, a digital banking app with nearly 3 million members, will leverage The Bancorp's infrastructure to enhance its product offerings including basic, premium, and teen accounts. The partnership represents a key expansion for both companies in the BaaS space.
Mobile Banking Fintech Current Raises $20M Series B Funding
Current, a mobile banking app offering FDIC-insured accounts through partner banks, raised $20 million in Series B funding. The round brought total fundraising to $45 million and supported growth past 500,000 accounts. New investors included Wellington Management, Galaxy Digital EOS VC Fund, and CMFG Ventures, with returning investors QED Investors, Expa, and Elizabeth Street Ventures.