Evolve Bank & Trust

Branch Launches Branch Embedded for Workforce Payments and Banking

Branch launched Branch Embedded, a fintech platform providing pre-built embedded banking accounts, cards, and payments for workforce and gig economy use cases. The platform enables vertical SaaS platforms and gig marketplaces to integrate Earned Wage Access, 1099 payouts, and paycard options. Banking services are powered by Evolve Bank & Trust and Lead Bank.

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.

Class-Action Lawsuit Targets Evolve and Partner Banks Over Synapse Bankruptcy Fallout

A class-action lawsuit was filed against Evolve Bank & Trust, Lineage Bank, AMG National Trust, and American Bank over mishandled customer deposits following Synapse's April 2024 bankruptcy. Customers of fintechs like Yotta and Juno report receiving pennies on the dollar, with up to $95 million in funds reportedly unaccounted for.

Fifth Third Bank's Newline Partners with Stripe to Power Treasury

Fifth Third Bank announced that its Newline™ embedded payments platform will serve as the banking backend for Stripe Treasury. The partnership enables software platforms using Stripe to offer embedded financial accounts, payments, cards, and deposits. This replaces Stripe's prior Treasury relationships with Evolve Bank & Trust and Goldman Sachs, signaling a shift toward a more compliance-focused BaaS infrastructure.

BaaS Middleware Provider Synapse Files for Bankruptcy

Synapse, a prominent BaaS middleware provider connecting banks and fintechs, filed for bankruptcy on June 28, 2024. The collapse disrupted multiple fintech partnerships and left thousands of customers without access to funds. A proposed $9.7 million acquisition by TabaPay fell through, leaving fintech partners scrambling for new banking relationships.

Federal Reserve Issues Cease-and-Desist Against Evolve Bank Over Fintech Risks

The Federal Reserve issued a cease-and-desist order against Evolve Bank & Trust on June 14, 2024, citing deficiencies in risk management related to its fintech partnerships. The order requires Evolve to obtain prior regulatory approval before onboarding new fintech partners. This is a landmark enforcement action signaling heightened scrutiny of BaaS sponsor banks.

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.

Routefusion Partners with Evolve Bank & Trust for BaaS Capabilities

Routefusion announced a partnership with Evolve Bank & Trust to offer US-based accounts, ACH processing, virtual USD accounts, and FDIC insurance to fintechs and marketplaces. Evolve Bank & Trust already powers notable fintechs like Mercury and Rho. The partnership expands Routefusion's embedded finance infrastructure for its clients.

Bond Financial Technologies Launches Embedded Credit Builder Card

Bond Financial Technologies launched its Credit Builder Card, a secured credit card powered by Mastercard and issued by Evolve Bank & Trust. The embedded credit product enables fintechs and brands to offer credit-building services without consumer credit checks. Repayment histories are reported to credit bureaus, targeting credit-challenged consumers.

Bond Financial Technologies Partners with Evolve Bank & Trust for BaaS

Bond Financial Technologies partnered with Evolve Bank & Trust to expand its Banking-as-a-Service offerings, adding debit and credit card capabilities. Bond had raised $42 million in total funding from investors including Mastercard and Goldman Sachs. The partnership strengthens Bond's embedded finance toolkit for fintech clients.

Airwallex Launches in US via Evolve Bank Partnership

Australian fintech platform Airwallex launched in the US around August 2021 through a partnership with Evolve Bank & Trust, focusing on cross-border payments. The partnership enables Airwallex to offer its global payments infrastructure to US businesses. This represents Evolve Bank's continued role as a key sponsor bank in the embedded finance ecosystem.

Sila Raises $13M Series A for Compliant Payment Infrastructure API

U.S.-based fintech Sila secured $13 million in a Series A round led by Revolution Ventures for its compliant payment infrastructure API. Backed by Evolve Bank & Trust, Sila provides APIs for payments, KYC, and KYB. Total funding reached over $20 million.

Evolve Bank & Trust and Mastercard Partner on Crypto Exchange Card Payments

Evolve Bank & Trust and Mastercard announced a partnership to simplify card payments for cryptocurrency exchanges. The collaboration leverages Evolve's BaaS capabilities and Mastercard's card network to bridge traditional payments and crypto platforms. The deal reflects growing demand for fiat on-ramps in the crypto ecosystem.

Stripe Launches Treasury Embedded Banking-as-a-Service for Platforms

Stripe launched Stripe Treasury, an embedded business banking API enabling platforms to offer BaaS services to their users. The product partners with Evolve Bank & Trust, Goldman Sachs, Citibank, and Barclays. This marks a significant step in integrating financial services directly into non-bank platforms without Stripe becoming a bank itself.

Step Launches No-Fee Teen Banking App Powered by Evolve Bank & Trust

Step officially launched its no-fee banking app for teens and families on October 2, 2020. The app provides FDIC-insured bank accounts and Visa cards through partner Evolve Bank & Trust. The launch followed a pilot with over 100,000 users, positioning Step as a major entrant in the teen banking segment.

Sila Raises $7.7M to Grow BaaS Infrastructure Platform

Portland-based fintech Sila raised $7.7M to expand its white-label banking API platform. The startup enables developers to integrate compliant ACH payments, money transfers, and digital wallets via partnerships with Evolve Bank & Trust, Plaid, and Alloy. The raise underscores growing momentum in banking-as-a-service infrastructure.

Evolve Bank & Trust Partners with i2c for Next-Gen Payments Processing

Evolve Bank & Trust partnered with i2c to leverage its cloud-based payments processing platform. The deal enables Evolve to offer customizable credit, debit, prepaid, and DDA products to its fintech clients. This strengthened Evolve's position as a leading BaaS bank serving fintechs nationwide.

Mercury Partners with Evolve Bank & Trust for Startup Banking Service

Mercury partnered with Evolve Bank & Trust to provide FDIC-insured checking and savings accounts as a white-label banking service for startups. The platform offers modern dashboards, 10-minute online sign-ups, and multi-user activity monitoring. This enables fintechs to offer branded banking without building their own infrastructure.

Evolve Bank Partners with Synapse to Power Banking-as-a-Platform for Fintechs

Evolve Bank & Trust partnered with middleware provider SynapseFI (Synapse) to offer banking-as-a-platform services for fintechs via APIs for payments, deposits, lending, and investments. Synapse handles middleware while Evolve provides backend infrastructure including BIN sponsorship and compliance. Fintechs such as Empower, Beam, Oxygen, and Debitize built consumer-facing products on the Evolve-Synapse stack.