BetaBank is in formation, having submitted its banking charter application in April 2022. Concomitant with its application and fund-raising efforts, the bank is working to build from scratch a fully automated digital lending platform driven by algorithms designed to remove inherent decisioning bias from traditional underwriting processes for small businesses.
BetaBank will run a next-gen core in Google Cloud. Its product ecosystem is composed of providers that will connect via APIs to the open Finxact core. As a purely digital bank, it will have the ability to lend across the country, but its focus will be on the Chicago-area community of small businesses.
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