Subsidiary to Provide Oversight, Alignment and Structure for MVB’s Tech Company Initiatives
FAIRMONT, W.Va., Jun 15, 2021--(BUSINESS WIRE)--MVB Bank, Inc. ("MVB Bank," "MVB") today announced the formation of a new wholly-owned subsidiary, MVB Edge Ventures.
Based on a private equity fund model, MVB Edge Ventures provides management oversight, alignment and structure for MVB’s technology investments and allocates resources to help incubate technologies developed by MVB. Three companies now fall under the MVB Edge Ventures structure: Victor Technologies, Inc. ("Victor"); MVB Technology, LLC ("GRAND"); and Flexia Payments, LLC ("Flexia").
"With the launch of MVB Edge Ventures, MVB continues to set ourselves apart from the pack on the financial frontier. We don’t just bank Fintech companies, we also create, develop and invest in them. The three new businesses under the new MVB Edge Ventures umbrella already have significant traction," said Larry F. Mazza, President, CEO, MVB Financial.
MVB created the Victor platform to make it faster and easier to launch and scale a broad spectrum of Fintech solutions for the Gaming, Payments, Banking-as-a-Service and Digital Asset sectors. Fintech developers can build solutions to manage and move money in a matter of weeks with developer-friendly APIs. Banks can onboard and manage more programs with Victor’s tailored due diligence, risk assessment and oversight workflow tools. Recognizing the complexity of the Fintech ecosystem, Victor also supports seamless integration with a proven network of value-added technology and service providers.
"Victor has a tremendous amount of demand for simple, secure and developer-friendly APIs for money movement and managing accounts. We expect to go live with our first client this quarter and have a growing implementation pipeline," said Matt West, President, MVB Edge Ventures.
MVB holds a majority interest in Flexia, a prepaid card platform for land-based casinos to facilitate the move to a totally cashless casino floor. The Las Vegas-based Fintech company provides users with access to a reloadable account that combines a debit account and casino gaming accounts into one card, allowing for non-cash transactions at participating casinos. This acquisition continues to advance MVB’s relationships within the Gaming industry.
GRAND provides cheaper, faster payments from a modern bank account. Account holders fund their GRAND account using a bank account, card or direct deposit and can then seamlessly transfer between their GRAND account and their favorite apps. GRAND helps drive significant savings for online merchants through a streamlined process for customer fund transfers.
"By formalizing our infrastructure around MVB’s technology businesses, we are leveraging MVB’s management expertise in financial technology and enhancing our ability to scale our Gaming, Banking-as-a-Service, Payments and Digital Asset initiatives," Mazza added.
About MVB Financial Corp.
MVB Financial Corp. ("MVB Financial" or "MVB"), the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker "MVBF."
MVB is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiary, MVB Bank, Inc., and the bank’s subsidiaries, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.
Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.
For more information about MVB, please visit ir.mvbbanking.com.
MVB Financial Corp. has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this Press Release. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries, as well as statements regarding MVB’s future plans with regard to its Fintech line of business. When words such as "plans," "believes," "expects," "anticipates," "continues," "may" or similar expressions occur in this Press Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Press Release. Those factors include but are not limited to: credit risk; changes in market interest rates; revaluation of equity investments, including MVB’s investments in Fintech companies; inability to further scale up the Fintech line of business; competition; economic downturn or recession; and government regulation and supervision. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements.
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