MVB Financial buys fintech consulting firm

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MVB Financial in Fairmont, W.Va., has acquired a fintech consulting firm.

The $1.8 billion-asset company said in a press release Monday that it bought Chartwell Compliance in Bethesda, Md. Chartwell provides advice on regulatory compliance, state licensing, financial crimes prevention and enterprise risk management services.

MVB did not disclose the price it paid.

Chartwell’s clients include fintech firms focused on commercial bill pay solutions, crypto currency and blockchain, along with publicly traded online marketplaces, money services businesses, third-party payments processors and financial accounting software providers.

MVB said Chartwell will expand its services to fintech clients and banks. It will also work with MVB to help the bank conduct “stringent and faster new client due diligence,” the release said.

Chartwell will also conduct enhanced monitoring and testing of clients.

Chartwell will retain its name and mission, and Daniel Weiss, the company’s founder, will remain its president and CEO.

Chartwell “consistently provides world-class compliance consulting and has formed a specialty niche serving hundreds of clients in the fintech industry,” Larry Mazza, MVB’s president and CEO, said in the release.

“With our shared vision of the future of financial services, respect for compliance, regulation, safety and soundness and belief in doing the right things, [MVB and Chartwell] are a perfect fit,” Mazza added.

MVB has been focused on fintech by, among other things, investing in a number of startups.

Squires Patton Boggs advised MVB. Tomlinson Advisory Group advised Chartwell.

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