Small banks you've never heard of quietly power the tech takeover of the financial industry [CNBC]
Barclays PLC (BCS)
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Source: CNBC
Small banks you've never heard of are quietly enabling the tech takeover of the financial industry SuperStock | Getty Images Instead of trying to beat a wave of high-growth financial technology start-ups at their own game, a group of small banks is opting to join them. These low-profile community banks quietly run the plumbing underneath billion-dollar fintech firms such as Square, Stripe and Robinhood — handling mundane banking activities for them like holding customer deposits and underwriting loans — while the tech firms remake finance for a digital age. For some, it's a match made in heaven. These smaller banks, with names like Cross River, Celtic, Sutton Bank and Evolve, say they don't care about having a household name so much as they need new lines of business as consumers increasingly switch to mobile banking. And the fintech companies, adept at luring new customers at a low cost, need the blessing of federal regulators and someone else to handle the money. The booming fintech
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