Banking as a service

MainStreet Bancshares in Fairfax has closed its banking-as-a-service subsidiary after the unit fell far short of meeting its revenue and deposit targets.

Fund That Flip, a former Synapse customer that says its customers are owed $243,861, won the right to demand answers and documents from Evolve.

The latest lawsuit stemming from Synapse's bankruptcy accuses the banks of risk management failures.

The buy now/pay later company made a deal with Stride Bank to add banking-as-a-service heft as Affirm Card usage soars and Evolve grapples with defections.

Finwise Bancorp believes a new plan to hold more of the fintech loans it originates on its balance sheet will boost profits in 2025.