Software

Mbanq joins Banking-as-a-Service Association

Photo: Adobe Stock

June 7, 2024

Mbanq, a fintech company, joined the Banking-as-a-Service Association, a group that promotes and advocates for sponsor banks in the U.S. In its membership, Mbanq aims to drive best practices in the transforming banking industry, according to a press release.

"The BaaS industry is a tremendous vehicle for innovation and reaching underserved and underbanked communities and it's also an avenue for banks, particularly community banks, to no longer be limited by geography," Dave Mayo, co-founder of the BaaS Association, said in the release. "When BaaS is done correctly, the bank benefits, the fintech benefits, and the end consumer benefits with increased competition and access to new products and services."

In this role, Mbanq will share information among BaaS stakeholders and establish best practices for BaaS operations.