Colorado National Bank in Denver has a new name.
The $25 million-asset bank is now Transact Bank, a rebranding intended to reflect its new focus on offering payment processing and card issuing services to domestic and cross-border businesses.
The bank, sold to fintech entrepreneurs Mark Moskvin and Maxim Yaroshewsky for $9 million in August 2018, is affiliated with Transact Pro, a Latvian payments firm that caters to technology companies. Moskvin and Yaroshewsky own Transact Pro.
“We are proud to build on our momentum as an innovative fintech-focused organization with a solid presence” in the United States and European Union, Moskvin, Transact Bank’s CEO, said in a Monday press release.
"Leveraging technology and expertise from both continents will extend our clients an unparalleled platform for conducting commerce, while lowering cross-border fees," Moskvin added.
Transact Bank plans to provide clients access to bank transfers, foreign exchange services, European Union-issued cards, and bank accounts in the U.S. and EU, among other services.
