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Sterling (STL) Invests in Digital Banking Provider Verdigris

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Sterling Bancorp (STL - Free Report) recently announced its investment in the parent company of BrightFi, Verdigris Holdings, Inc., to expand Sterling’s digital offerings, and facilitate innovation in the banking and financial industry. Sterling had also announced Banking as a Service (BaaS) partnership with BrightFi in April 2021.

This partnership with Verdigris will enable Sterling to serve its customers more efficiently. Sterling’s strategy of supplying technology-driven and high-quality solutions to small- and medium-sized businesses will get a facelift as the company will be able to quickly and easily offer digital banking products to the targeted communities through a low cost, safe and staunch turnkey solution.

Through this strategic investment, Sterling has joined hands with a group of institutional investors, such as FIFO Capital, an Arizona-based emerging technology fund, Tom Ricketts, founder of Incapital, (now InspereX), and chairman of the Chicago Cubs.

Bea Ordonez, the chief financial officer at Sterling, remarked, “BrightFi provides an industry leading digital banking solution and is focused on helping drive positive change in disadvantaged communities. We are excited to partner with Verdigris and BrightFi to provide banking solutions in support of their mission, while continuing to grow our suite of innovative digital products.”

Founded in 2016, BrightFi provides cloud-based technology services to banks and non-bank institutions, extending to digital banking and other financial services in a timely and economical manner. It collaborates with regional and community banks, community firms, employers, retailers and other organizations, to deliver cost-efficient, technological financial services to companies and consumers in underbanked and undeserved communities.

The CEO of Verdigris Holdings, Inc, Michael Coghlan, noted, “Our shared vision and commitment to strengthening local communities forms the foundation of an already strong partnership that will continue to benefit our collective customers now and in the future.”

Shares of this Zacks Rank #3 (Hold) company have gained 13.2% in the past six months, underperforming the 17.4% rally of the industry.

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