nbkc partners with Acorns as Kansas City bank deposit expands fintech focus
ONE The move by nbkc bank to offer Banking as a Service (BaaS) solutions to Acorns – a leading savings and investment app – is part of a wider strategy to invest in fintech companies without banking deals, Melissa Eggleston said.
“We see a lot of potential as fintech takes off around the country. These startups want to offer banking products to their customers in addition to their investment offerings,” continued Eggleston, head of deposits for nbkc bank. “We’re gaining a lot of traction in the market as a trusted bank of record, and it allows us to scale quickly and grow our business.”
Irvine, Calif.-based Acorns has helped millions of Americans save and invest $15 billion to date, she noted of the bank’s latest portfolio addition.
“[Acorns’] The selection of nbkc as a partner reflects our strong reputation and growing business in the fintech space, which has been a key focus for us, added Eggleston.
Click here to learn more about nbkc’s approach to fintech.
Through its Acorns partnership, nbkc will provide Acorns-branded checking accounts and debit cards to eligible Acorns customers so they can spend smarter and save and invest more. Onboarding customers can access checking accounts and debit cards during the account application process.
“At the heart of Acorns is our mission to serve the financial best interests of the future,” said Brent Williams, general manager of banking at Acorns. “NBKC is a mission-driven partner providing strategic support as we continue to help millions of everyday Americans spend smarter and save and invest more.”
With Acorns Checking, subscribers can invest extra change with each swipe and invest a portion of each paycheck automatically.
“We understand fintech companies because we are integrated with new financial technologies,” Eggleston said. “Banking as a service to fintechs has been a very logical and productive way for us to grow our banking business and provide real value to fintechs and their customers.”
Formed in 1999, nbkc offers nationwide, online mortgage and consumer banking services, as well as community and commercial banking services throughout its home Kansas City region – in addition to banking-as-a-service to fintech companies across the US
“We’re also looking to work with other strong Kansas City entrepreneurs,” Eggleston said. “Whether we support small businesses with our loan programs or invest in exciting new markets such as fintech, our door is open to new opportunities.”
The bank previously created the Fountain City Fintech accelerator, which graduated high-profile cohorts in 2018 and 2019 before it was wound down.