nbkc partners with Acorns as Kansas City bank deposits expanded fintech focus

A move by nbkc bank to provide Banking as a Service (BaaS) solutions to Acorns — a leading saving and investing app — is part of a broader strategy to invest in fintech companies without bank charters, said Melissa Eggleston.

nbkc bank, Kansas City

“We see a lot of potential as fintechs are taking off around the country. These startups want to offer banking products to their customers in addition to their investment offerings,” continued Eggleston, chief deposit officer for nbkc bank. “We are getting a lot of traction in the market as a reliable bank of record, and it’s allowing us to scale rapidly and grow our business.”

Irvine, California-based Acorns has helped millions of Americans save and invest $15 billion to date, she noted of the bank’s latest portfolio addition.

 “[Acorns’] choice of nbkc as a partner reflects our strong reputation and growing business within the fintech space, which has been a principal focus for us,” Eggleston added.

Click here to learn more about nbkc’s approach to fintech.

Through its Acorns partnership, nbkc will provide Acorns-branded checking accounts and debit cards to qualifying Acorns customers so they can spend smarter and save and invest more. Onboarding customers can access checking accounts and debit cards during the account application process. 

“The core of Acorns is our mission to look after the financial best interest of the up-and-coming,” said Brent Williams, general manager of banking at Acorns. “nbkc is a mission-aligned partner providing strategic support as we continue to help millions of everyday Americans spend smarter and save and invest more.”    

With Acorns Checking, subscribers can invest spare change with every swipe and invest a piece of each paycheck automatically.  

“We understand fintech companies because we are integrated with emerging financial technologies,” said Eggleston. “Banking as a service to fintechs has been a very logical and productive way for us to expand our banking business and provide real value to fintechs and their customers.” 

Formed in 1999, nbkc offers nationwide, online home lending and consumer banking, as well as community and commercial banking throughout its home region of Kansas City — in addition to banking-as-a-service to fintech companies across the U.S.

“We are also looking to work with other strong Kansas City entrepreneurs,” said Eggleston. “Whether supporting small business with our loan programs or investing in exciting new markets like fintech, our door is open to new possibilities.”

The bank previously created the Fountain City Fintech accelerator, which graduated high-profile cohorts in 2018 and 2019 before being discontinued.