BankProv selected by Capchase to launch innovative product for growing startups

Solidifies Banking-as-a-Service offerings to FinTech nationwide

AMESBURY, Mass., November 4, 2021 / PRNewswire / – BankProv, a future-proof commercial bank offering adaptive and technology-first banking solutions to emerging markets, was chosen by Capchase, a New York-based provider of non-dilutive capital to recurring companies, to provide Banking-as-a-Service infrastructure for their latest product offering, Capchase Earn, launched today.

(PRNewsfoto / The Provident Bank)

(PRNewsfoto / The Provident Bank)

Capchase Earn will allow companies to earn more with their available cash and reduce their total cost of capital. Through this partnership, BankProv will support Capchase’s need for access to premium banking services, including white-collar deposit products with 100% deposit insurance. Capchase will integrate the account directly into its existing platform and use Modern Treasury, a payment operations platform, to assist with payments and reconciliation.

“BankProv is proud to play a role in Capchase’s unique new initiative to help companies use available cash to unlock low-cost growth capital,” he said. Dave Mansfield, CEO of BankProv. “This new relationship marks the bank’s further expansion into Banking-as-a-Service with high-quality, industry-shaping partners such as Capchase.”

The first of its kind, Capchase Earn, is an innovative account for growing startups that generates high monthly rewards and significantly reduces overall capital costs, supporting Capchase’s mission to accelerate the growth of high potential companies through better financial operations.

Miguel Fernandez, co-founder and CEO of Capchase commented: “Capchase Earn is going to change the way companies grow forever. By combining this account with our other revenue financing products, a company traveling a round of 18 months runway can now go 2 “5 times longer without slowing down for an insignificant price. This is a game changer for the startup community and is another way Capchase is working to help startups focus on building and growing first, not fundraising.”

About BankProv
BankProv, legally acting as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-proof commercial bank for business customers that specializes in offering adaptive and technology-first banking solutions for niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value loans with a focus on search fund loans. We are committed to offering state-of-the-art APIs (application programming interfaces) to all business customers and BaaS (Bank as a Service) partners. Through our offer, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

About Capchase

Capchase is a platform for companies with recurring income to secure non-dilutive capital. Founded in Boston, MA in 2020, the company will provide financing by bringing future expected cash flows to today – and thus extending an immediate credit line. Companies working with Capchase are able to secure financing that is fast, flexible and does not dilute their ownership.

Press contact: Carie Kelly, SVP Virtual Banking
Phone: (978) 834-8583
Email: ckelly@bankprov.com

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SOURCE Forsørgelsesbanken

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