Digital banking solution provider Apiture has been tapped by Newtek Business Services, a business development firm, to provide the digital capabilities for its soon-to-be-launched Newtek Bank.
The Apiture Digital Banking Platform will provide business banking and account opening solutions to power a suite of financial and business services for independent business owners.
Newtek Bank will be built out from the pending acquisiton of National Bank of New York City (NBNYC), a nationally chartered bank, repositioning Newtek as a bank holding company.
Apiture and Newtek have been working together on the nascent digital bank for several months with the digital platform provider integrating with NBNYC’s existing core operating system, doing away with the need to go through a core conversion when the bank opens.
Newtek president, chair and CEO Barry Sloane says partnering with Apiture will allow the firm to offer its business customers “the banking and business services they need in a branchless environment”.
“The repositioning of Newtek as a bank holding company, owning a nationally chartered regulated bank, will give us the central point that our business clients come to daily, weekly and monthly to manage their business.”
In July, North Carolina-based Apiture closed a $29 million funding round led by Live Oak Bank, with participation from existing investors.