High Circle, FirstBank, and Treasury Prime Collaborate on Innovative Banking-as-a-Service Solutions
High Circle has joined forces with FirstBank to introduce a groundbreaking solution that combines FDIC insurance, competitive interest rates, and exclusive luxury rewards, according to PYMNTS. This strategic partnership, made possible by Treasury Prime, a leading embedded banking software company, was announced in a press release on Tuesday, January 16, 2024.
High Circle, renowned for its banking and investment platform, has teamed up with FirstBank of Tennessee, a member of the Federal Deposit Insurance Corp. (FDIC), to offer innovative financial products tailored to business owners and high-net-worth individuals.
One of the flagship products in this collaboration is High Circle’s FinTech platform, providing access to commercial checking accounts issued by FirstBank, coupled with up to $125 million in FDIC insurance through the IntraFi network. These accounts come with extensive benefits, including up to $125 million in FDIC-insured coverage, an appealing annual percentage yield (APY), and the convenience of ACH and wire transfer capabilities.
Clients of High Circle will also gain access to the company’s exclusive rewards program, enabling them to earn incentives based on deposit activity. These rewards encompass discounts on private jets, vacation homes, luxury hotels and resorts, as well as exclusive events, as stated in the press release.
Hemanth Golla, founder and CEO of High Circle, emphasized the mission of the partnership, stating, «Our mission is to transform the financial landscape for affluent and high-net-worth individuals. By blending traditional banking, investment solutions, and luxury lifestyle experiences, High Circle redefines how they engage with their wealth.»
In the near future, High Circle, in collaboration with FirstBank and Treasury Prime, plans to introduce additional initiatives, including personal banking products that allow clients to consolidate their cash reserves within a unified platform.
Wade Peery, Chief Innovations Officer at FirstBank, highlighted the significance of this collaboration by saying, «By leveraging Treasury Prime’s technology, we can seamlessly embed bank accounts and provide payment rails within High Circle’s platform, all while improving the end-user experience.»
Jeff Nowicki, Vice President of Banking at Treasury Prime, expressed the transformative nature of their multibank network, stating, «Our multibank network is reshaping how FinTech collaborations operate, and this partnership is at the forefront of that transformation.»
According to Nowicki, banks of all sizes stand to benefit from embracing banking-as-a-service (BaaS). BaaS offers an opportunity for banks to expand their reach and stay competitive in the rapidly evolving digital landscape, as he mentioned in a prior interview with PYMNTS on May 5.