FAIRMONT, W.Va. — On Friday, MVB Financial institution, Inc. introduced the formation of a brand new wholly-owned subsidiary, MVB Edge Ventures.
In line with a media launch, MVB Edge Ventures relies on a personal fairness fund mannequin and offers administration oversight, alignment and construction for MVB’s expertise investments and allocates assets to assist incubate applied sciences developed by MVB.
Three corporations now fall below the MVB Edge Ventures construction: Victor Applied sciences, Inc. (“Victor”); MVB Expertise, LLC (“GRAND”); and Flexia Funds, LLC (“Flexia”).
“With the launch of MVB Edge Ventures, MVB continues to set ourselves other than the pack on the monetary frontier. We don’t simply financial institution Fintech corporations, we additionally create, develop and put money into them. The three new companies below the brand new MVB Edge Ventures umbrella have already got important traction,” stated Larry F. Mazza, President, CEO, MVB Monetary.
MVB created the Victor platform to make it sooner and simpler to launch, and scale, a broad spectrum of Fintech options for the Gaming, Funds, Banking-as-a-Service and Digital Asset sectors. Fintech builders can construct options to handle and transfer cash in a matter of weeks with developer-friendly APIs, the discharge states.
The discharge exhibits that banks can now onboard and handle extra applications with Victor’s tailor-made due diligence, threat evaluation and oversight workflow instruments. Recognizing the complexity of the Fintech ecosystem, Victor additionally helps seamless integration with a confirmed community of value-added expertise and repair suppliers.
“Victor has an amazing quantity of demand for easy, safe and developer-friendly APIs for cash motion and managing accounts. We count on to go dwell with our first consumer this quarter and have a rising implementation pipeline,” stated Matt West, President, MVB Edge Ventures.
MVB holds a majority curiosity in Flexia, a pay as you go card platform for land-based casinos to facilitate the transfer to a completely cashless on line casino ground. The Las Vegas-based Fintech firm offers customers with entry to a reloadable account that mixes a debit account and on line casino gaming accounts into one card, permitting for non-cash transactions at taking part casinos, in line with launch.
This acquisition continues to advance MVB’s relationships throughout the Gaming business.
In line with launch, GRAND offers cheaper, sooner funds from a contemporary checking account. Account holders fund their GRAND account utilizing a checking account, card or direct deposit and might then seamlessly switch between their GRAND account and their favourite apps. GRAND helps drive important financial savings for on-line retailers via a streamlined course of for buyer fund transfers.
“By formalizing our infrastructure round MVB’s expertise companies, we’re leveraging MVB’s administration experience in monetary expertise and enhancing our capacity to scale our Gaming, Banking-as-a-Service, Funds and Digital Asset initiatives,” Mazza added.