FB FINANCIAL CORPORATION Innovative products include high-yield commercial checking accounts with up to $125M in FDIC insurance and ACH and wire transfer capabilities
SAN FRANCISCO, Jan. 16, 2024 /PRNewswire/ -- Treasury Prime, a leading embedded banking software company, is powering a new strategic partnership between FirstBank, a Tennessee Corporation, Member FDIC, and High Circle, a banking and investment platform, designed to minimize risk and maximize returns for business owners and high-net-worth individuals whose needs are not being met by large traditional banks.
As part of this partnership, High Circle is providing a financial technology platform to provide access to commercial checking accounts issued by FirstBank and up to $125 million FDIC insurance through the Intrafi network. These accounts offer High Circle clients up to $125 million in FDIC-insured coverage, an attractive annual percentage yield of up to 4.00%, and ACH and wire transfer capabilities. Furthermore, clients will be able to access High Circle's rewards program, independent of FirstBank's involvement, to earn incentives based on deposit activity, including discounts on private jets, vacation homes, hotels and resorts, and exclusive events. This blend of FDIC insurance, competitive interest rates, and luxury rewards allows clients to manage and grow their overall wealth securely.
In the coming months, High Circle will unveil additional initiatives in partnership with Treasury Prime and FirstBank, including personal banking products, allowing customers to secure their cash reserves within a unified platform.
"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," said Hemanth Golla, founder and CEO of High Circle. "Our collaboration with FirstBank and Treasury Prime is a significant step towards meeting this market need. Together, we aim to offer tailored, cutting-edge financial services that cater to the unique needs of high-net-worth individuals and businesses. We are excited about the opportunities this partnership brings to redefine excellence in affluent financial management."
"We are excited to partner with Treasury Prime in offering High Circle customers a seamless, secure and innovative way to manage their wealth," said Wade Peery, Chief Innovations Officer of FirstBank. "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, VP of Banking at Treasury Prime, added: "Our multi-bank network is reshaping how fintech collaborations operate, and this partnership is at the forefront of that transformation.
By seamlessly connecting high-quality banking services from FirstBank to platforms like High Circle, we're driving innovation and directly enhancing financial experiences."
For more information about the High Circle Commercial Business Checking Accounts and FDIC Insurance coverage, please visit https://www.joinhighcircle.com/.
About High Circle
High Circle is a forward-thinking financial technology company dedicated to providing innovative financial solutions for high-net-worth individuals. With a deep commitment to excellence and a focus on tailored banking, wealth management, and alternative investment services, High Circle sets the industry standard for affluent financial management. High Circle leverages cutting-edge technology and strategic partnerships to empower clients with the tools and resources they need to maximize their financial potential. For more information, please visithttps://www.joinhighcircle.com/.
About Treasury Prime
Treasury Prime is building the future of finance. Through its cutting-edge embedded banking software, Treasury Prime facilitates seamless connections between banks and enterprise partners, equipping them with everything they need to launch innovative financial products with a strong commitment to responsible practices. Beyond its core banking offerings, which encompass accounts and payment infrastructure, Treasury Prime also provides a robust partner marketplace. This marketplace offers a wide range of auxiliary services, including access to FDIC insurance through the Intrafi network, tailored to meet the diverse needs of bank-fintech partnerships. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and 2022, and was named to CB Insights' annual 2021 Fintech 250 list.
About FirstBank
Nashville-based FirstBank, a wholly owned subsidiary of FB Financial Corporation (NYSE: FBK), is the third largest Tennessee-headquartered bank, with 83 full-service branches across Tennessee, South Central Kentucky, Alabama and North Georgia, and a national mortgage business with offices across the Southeast. The bank serves five of the major metropolitan markets in Tennessee and, with approximately $12.7 billion in total assets, has the resources to provide a comprehensive variety of financial services and products.
Disclosure: High Circle is a financial technology company, not a bank. Banking services are provided by FirstBank, a Tennessee Corporation, Member FDIC.
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SOURCE Treasury Prime
