MVB Bank snaps up majority stake in Indianapolis fintech Trabian
MVB Financial Corp, the holding company for Virginia-based MVB Bank, has acquired a majority stake in Indianapolis fintech Trabian Technology.
Larry Mazza, MVB Bank’s president and CEO, says the deal – the value of which remains undisclosed – will “significantly” expand MVB’s fintech vertical “by putting more ‘Tech’ in our ‘Fin’”.
Founded back in 2003, Trabian is a software development firm. Its services cover platform integrations with the likes of Stripe, Trulioo, Temenos and Plaid.
As well as digital banking customisations, money movement, website building, and the user experience around account opening.
Alongside the technological expertise Trabian will bring to the bank’s own products, Mazza says Trabian owns an established book of business.
Hence, the deal “simultaneously adds a new revenue stream and profit centre” to the bank.
The software company’s customers span community banks, credit unions, digital banks, and fintechs.
They include Credit Union 1, autobooks, payrailz, TwinStar Credit Union, and Proponent.
“Trabian’s well-established reputation and nearly two decades of fintech experience carry with it a leading role in the financial services ecosystem,” says Mazza.
Founder and CEO of Trabian, Matt Dean, will sit on MVB’s board of directors as an executive chairman. He will also remain Trabian’s CEO.
The fintech’s co-founder and chief operating officer, Trey Reeme, will now serve as Trabian’s president.
Dean says the deal provides his company with an avenue to differentiate it from “non-fintech focused development shops”.