BetaBank, an aspiring digital bank that is yet to launch, has announced that it has selected Backbase to power its banking platform. BetaBank states that it will be the first digital bank in the United States to be built entirely on Google Cloud from the ground up.
BetaBank was founded by CEO Seke Ballard with a mission to offer small business owners the opportunity to thrive through a bank that provides access to loans along with other services. On its website, BetaBank promotes “no bias lending” and “no hidden anything.”
By adopting Backbase, BetaBank believes it will be able o accelerate its time to market to provide digitally native services.
Ballard stated:
“We are thrilled to be partnering with Backbase to launch BetaBank. From the very beginning of the BetaBank journey, we knew we could not compromise on the quality of our digital banking services and platform – our core value lies in our digital accessibility to those who have been woefully underserved by traditional financial institutions. In Backbase, we have found a partner that can help us provide the best-in-class, Tier 1 bank experience our customers deserve. This is just the beginning, and we are excited to embark on this partnership with Backbase to better serve those currently underserved together.”
Earlier this year, Beta Financial Services, Inc. reported that it has submitted an application with the Federal Deposit Insurance Corporation (FDIC) to organize BetaBank.
BetaBank is scheduled to open to customers in early 2023.