Bangor Savings Bank partners Treasury Prime to leverage BaaS offering
Bangor Savings Bank has partnered with banking-as-a-service (BaaS) company Treasury Prime to enable businesses to embed financial services onto their platforms.
The Maine-based firm says the partnership will expand its revenue opportunities and enable low-cost deposits.
With over $7 billion in assets under management, the bank currently offers retail banking services to consumers as well as commercial, corporate, payroll administration, merchant and small business banking services.
Founded in 2017 and headquartered in San Francisco, Treasury Prime offers banks and their financial customers automation software which aims to streamline back-office workflows.
It provides services for payments, automatic reconciliation, bank connectivity through APIs and continuous accounting.
The addition of Bangor Savings Bank brings Treasury Prime’s total bank network to 14, having recently signed similar partnerships with FB Financial Corp and Third Coast Bank.
It last raised $20 million in Series B funding in May 2021.