back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Midland States Bancorp expands Banking-as-a-Service initiative with Synctera partnership

By Edlyn Cardoza

April 11, 2022

  • BaaS
  • community banks
  • FinTech
Share

Midland States Bancorp, Synctera, FinTech, BaaS, Community Banks, FinTech Partnerships, USAMidland States Bancorp, Inc. recently announced a new partnership with Synctera, which provides consulting and a technology platform connecting banks with FinTech partners. Midland expects to use its partnership with Synctera to develop FinTech partnerships that will contribute to low-cost deposits and increase the number of customers using its payment solutions.

Jeffrey G. Ludwig, President and Chief Executive Officer of Midland States Bancorp, said, “Over the past decade, we have had a very successful fintech partnership with an originator of consumer loans, which has given us valuable experience that we plan to leverage through a broader Banking-as-a-Service (BaaS) initiative. One of the goals of our technology investment over the past few years has been to position Midland to effectively compete in the BaaS space, and we are now well prepared to begin adding new fintech relationships and expanding our BaaS capabilities. Through our partnership with Synctera, we intend to be very disciplined in adding new relationships and prudently manage our growth in this area. Over the longer-term, we expect BaaS to become another important catalyst for our earnings growth and further improvement in our financial performance.”

Peter Hazlehurst, Co-Founder and CEO at Synctera, said, “My team has been impressed with the experience and technological know-how Midland already has in the BaaS space. Midland also shares our philosophy that BaaS provides enhanced opportunities for community banks to increase their relevancy across a footprint far wider than their branch network, and that banks that take advantage of this opportunity will have a competitive edge in the future of banking. With Synctera, Midland will be able to broaden the number of fintechs with whom it can easily partner to continue to scale efficiently and grow revenues.”

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of December 31, 2021, the Company had total assets of approximately $7.44 billion, and its Wealth Management Group had assets under administration of approximately $4.22 billion. Midland provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services.

Previous Article

April 11, 2022

3 promising FinTech start-ups in the UAE to keep an eye on

Read More
Next Article

April 11, 2022

Citizens State Bank selects Lendsmart to boost its mortgage lending process

Read More










IBSi Daily News Analysis

The Weekly Wrap

August 19, 2022

BaaS

The Weekly Wrap: all you need to know by Friday COB | August 19th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 19, 2022

6 FinTech Tweets you should see!

Read More

August 19, 2022

PalmPay launches Wallet Safe Workshop to spread payment security awareness

Read More

August 19, 2022

Bond Financial Technologies launches new Credit Builder Card

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022