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Newtek selects Apiture Digital Banking Platform

Friday 30 September 2022 13:58 CET | News

Newtek, an internally managed business development company (BDC), has selected the Apiture Digital Banking Platform to support the digital capabilities of Newtek Bank.

The Newtek Bank is currently pending regulatory approvals and the close of the acquisition of the National Bank of New York City (NBNYC). Newtek plans to leverage Apiture’s Business Banking and Account Opening solutions in combination with Newtek’s existing suite of business and finance solutions and the Newtek Advantage to deliver a suite of financial and business solutions and services to independent business owners.

Newtek previously announced an agreement to acquire NBNYC, a nationally chartered bank, and to reposition Newtek as a bank holding company with financial holding company status, pending regulatory approvals. As part of this transition, Newtek chose Apiture, to power online and mobile banking for its new digital brand as it creates a technology-enabled bank for independent businesses. Newtek has been working with Apiture for several months to prepare for the opening of Newtek Bank, subject to regulatory approval and the close of the acquisition.

More about Apiture and Newtek

Newtek Business Services is an internally managed BDC, which along with its controlled portfolio companies, provides a range of business and financial solutions under the Newtek brand to the small- and medium-sized business (SMB) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk.

Newtek selects the Apiture Digital Banking Platform to support the digital capabilities of Newtek Bank.

Newtek’s and its portfolio companies’ products and services include: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), ecommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll, and Benefits Solutions.

Apiture delivers digital banking solutions to banks and credit unions throughout the US. Their configurable solutions meet a wide range of financial institutions’ needs, from levelling the playing field with larger banks to enabling digital-only brands. Through their API-first strategy, their clients can maximise the capabilities of their platform while preserving a seamless user experience.

Apiture in recent news

In July 2022, Apiture has announced the closing of a USD 29 million fundraising round led by Live Oak Bank, with participation from other existing investors.The investment brings the total funding raised by Apiture to USD 69 million since its inception in 2017.

Apiture uses the capital to expand its sales and marketing efforts, accelerate product development initiatives, and meet the market demand for the Apiture Digital Banking Platform, which serves more than 300 banks and credit unions throughout the US.

Apiture has gained industry recognition following the introduction of the Apiture Digital Banking Platform in February 2022. Rather than maintaining its Apiture Xpress and Apiture Open platforms, the company has combined the strengths of both into one product, Apiture Digital Banking Platform, composed of five features its bank and credit union clients can brand and offer their customers.


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Keywords: embedded finance, partnership, digital banking, banks, acquisition
Categories: Banking & Fintech
Companies: Apiture, NewTek
Countries: World
This article is part of category

Banking & Fintech

Apiture

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NewTek

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Discover all the Company news on Apiture and other articles related to Apiture in The Paypers News, Reports, and insights on the payments and fintech industry:
Discover all the Company news on NewTek and other articles related to NewTek in The Paypers News, Reports, and insights on the payments and fintech industry: