BankProv and Republic partner to offer escrow accounts to capital-hungry firms
BankProv, a commercial bank for corporate clients that provides banking solutions to emerging markets, has partnered with investment platform Republic to offer escrow accounts to firms looking to raise capital from investors on Republic’s platform.
Republic will deploy BankProv’s banking-as-a-service (BaaS) offering from Treasury Prime to provide the escrow accounts to its clients. Treasury Prime will also provide BankProv’s application programming interfaces (APIs).
BankProv CEO Dave Mansfield says working with Republic will “expand access to new investment opportunities”.
Republic says it “allows anyone to invest in anything, anywhere”, providing investors access to start-ups, real estate, video games, crypto, syndicated funds and alternative investment opportunities, “expanding equity investing to the masses”.
The company claims to have disbursed more than $1.5 billion in capital and has supported more than 600 companies. It boasts more than two million community members across 150 countries.
Chuck Pettid, head of Republic Retail, says BankProv’s solutions aligned with the firm’s strategic goals and adds “we are also expanding our products to further serve our customer’s evolving needs”.
In December, Republic acquired its UK counterpart Seedrs in a $100 million deal intended to create the first global private investment platform.