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MainStreet Bank Unveils Avenu™ Platform to Serve Fintech Partners
Solution Leverages MNSB's Experience in Providing 'Banking as a Service' FAIRFAX, Va., Oct. 25, 2021 /PRNewswire/ -- MainStreet Bank announces the launch of
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"Solution Leverages MNSB's Experience in Providing 'Banking as a Service'\n\n\nFAIRFAX, Va., Oct. 25, 2021 /PRNewswire/ -- MainStreet Bank announces the launch of Avenu™, a transformative technology solution designed to meet the diverse banking and payment needs of fintech customers, including creators of mobile apps. \n\n \n \n \n \n \n \n\n \nWe are innovating how money moves with our unique fintech 'core in a box' solutionThe innovative platform leverages the $1.7 billion bank's experience in providing Banking as a Service (BaaS) and provides a streamlined way for fintechs to accept deposits and facilitate payments while managing risk and meeting compliance obligations.\n\"Over the past decade, MainStreet Bank has amassed expertise in providing Banking as a Service, and we have come to know many fintech innovators and understand their unique needs,\" said Jeff W. Dick, Chairman and CEO of MainStreet Bank and its parent company, MainStreet Bancshares Inc. (Nasdaq: MNSB). \"Now, by harnessing the capabilities under our Avenu™ brand, we are scaling up to serve the booming fintech segment with a single, streamlined solution. By providing BaaS, MainStreet Bank has forged a path to access low-cost deposits, generate fee income, and tap new markets, which translates into enhanced shareholder value.\"\nAvenu™ is a purpose-built solution that is designed to help MainStreet Bank's fintech partners complete transactions smoothly, protect their resources, know their customers, and stay in compliance, said Todd Youngren, President of Avenu™. While the exact size of the fintech market is hard to quantify, they are significant processors of the $97 trillion in noncash payments that moved through the U.S. economy in more than 174 billion transactions during 2018, according to Federal Reserve data. \n\"We know BaaS backwards and forwards, and we have anticipated the concerns of both fintechs and regulators,\" Youngren said. \"We are innovating how money moves with our unique 'core in a box' solution, which enables us to get our clients up and running in 30 to 60 days.\"\nAvenu™ enables fintechs to create any type of deposit account a customer needs, and provides access to transaction processing for digital and card payments of all types, Youngren explained. It enables clients to build the accounting part of their app through subledgers that ar...