Customers Bank

Customers Bank Partners with Funding Circle for Lending-as-a-Service Platform

Customers Bank tapped Funding Circle to power a Lending-as-a-Service platform, announced November 14, 2023. The partnership enables Customers Bank to leverage Funding Circle's technology for embedded lending. This represents a bank-fintech collaboration to offer scalable lending infrastructure.

American Fintech Council Expands Membership with Major BaaS Banks

The American Fintech Council announced a major membership expansion that includes multiple Banking-as-a-Service banks such as Evolve Bank & Trust, Portage Bank, and Customers Bank. The expansion signals broader industry consolidation around responsible fintech-bank partnerships. The AFC's growing membership reflects increased institutional engagement with BaaS governance and standards.

Customers Bank Launches White-Label Turnkey PPP Loan Program for Lenders

Customers Bank launched a white-label turnkey solution enabling banks, credit unions, fintechs, and other lenders to offer branded PPP loan applications powered by Customers Bank's infrastructure. The program handled end-to-end origination, funding, servicing, and forgiveness without requiring technology integration from partners. Major participants included a top-five bank, a $50 billion bank, and a nationally known fintech.

BankMobile BaaS Platform to Go Public via SPAC Merger with Megalith

BankMobile Technologies, a subsidiary of Customers Bank, announced a business combination with Megalith Financial Acquisition Corp (MFAC) to bring its digital BaaS platform to the public market. The deal values the enterprise at $140 million. BankMobile serves over 2 million accounts across 722 college campuses and powers digital banking for partners like Google and T-Mobile.

Google Partners with BMO and BankMobile for Digital Bank Accounts via Google Pay

Google expanded its digital banking initiative by partnering with six additional U.S. banks, including BMO and BankMobile, to offer digital bank accounts managed through Google Pay. The partnerships leverage BaaS infrastructure to embed banking services within Google's ecosystem. This signals big tech's deepening engagement with bank-fintech distribution models.

BankMobile Scales White-Label Banking-as-a-Service Including T-Mobile Money

BankMobile, the digital banking division of Customers Bank, expanded its white-label BaaS partner program for fintechs and brands. The program powered T-Mobile Money (launched April 2019) and had a strong pipeline of additional white-label deals. BankMobile targeted 5 million customers over five years by enabling partners to offer branded digital banking products at lower customer acquisition costs.

BankMobile Wins LendIt Most Innovative Bank for Fintech Collaboration

BankMobile, a division of Customers Bank, won the 2019 Most Innovative Bank of the Year award at LendIt Fintech. The recognition highlighted over two years of collaboration with a major white-label fintech partner on innovative financial services for millennials. BankMobile's model of partnering with fintechs to deliver basic banking services exemplifies the embedded finance approach. The award reinforced BankMobile's strategy of leveraging fintech partnerships for consumer-facing innovation.

Upstart Launches White-Label AI Lending Platform with Multiple Bank Partners

Upstart announced "Powered by Upstart," a white-label AI lending platform enabling banks to run their own branded lending programs. Launch partners include First National Bank of Omaha, First Federal Bank of Kansas City, and Accion Chicago. The program allows banks to leverage Upstart's AI risk modeling while maintaining their own credit policies, positioning Upstart as a BaaS-style collaborator. Existing partners Customers Bank and its BankMobile division had already launched Upstart-powered credit card products.

T-Mobile Money Launches Nationwide Powered by BankMobile BaaS Platform

T-Mobile launched T-Mobile Money, a no-fee mobile checking account, powered by BankMobile's Banking-as-a-Service white-label platform from Customers Bank. The product embeds full banking services into T-Mobile's mobile ecosystem. This represents one of the earliest high-profile BaaS-enabled embedded banking programs from a major non-financial brand.