FAIRMONT, W.Va.–(BUSINESS WIRE)–MVB Monetary Corp. (“MVB Monetary”) (Nasdaq: MVBF) and MVB Financial institution, Inc. (“MVB Financial institution”) (collectively “MVB”), introduced immediately the growth of its funding in Interchecks Applied sciences, Inc., a number one fee disbursement platform.
Based in 2016, Interchecks is a privately held payout startup with places of work in Boca Raton, Fla., and Brooklyn, N.Y. Interchecks simplifies and enhances payouts and 1099 compliance for organizations around the globe. The corporate’s suite of on-demand payout choices contains prompt deposit, direct deposit, digital verify, paper verify and extra.
MVB acquired its preliminary stake in Interchecks in 2019. The extra funding introduced immediately will enhance MVB’s curiosity in Interchecks to 16%. MVB’s total Fintech funding portfolio has produced a cumulative IRR of practically 200% since 2016.
Interchecks has achieved notable success within the gaming business segments of on-line sports activities betting, every day fantasy sports activities and iGaming, a key space of focus for MVB. In partnership with Visa Direct, which supplies Interchecks with direct entry to its fee rails, the corporate has constructed a real-time1 fee infrastructure that’s leveraged by MVB’s largest shoppers and a rising variety of the greater than 30 gaming corporations that at the moment financial institution with MVB.
Along with the elevated funding curiosity, MVB has entered right into a administration contract with Interchecks CEO and co-founder Dylan Massey and the Interchecks crew to handle the product improvement and rollout of GRAND, MVB’s digital account for gaming and crypto.
“Growing our funding and deepening our relationship with Interchecks is a crucial monetary and strategic goal for MVB,” mentioned Larry F. Mazza, President and CEO, MVB Monetary. “Beneath Dylan Massey’s management, Interchecks has achieved outstanding success over the previous a number of years. Its pioneering fee disbursement expertise is a pure match with our concentrate on the gaming business at MVB. Following up on our preliminary early funding, our elevated funding and formal enterprise partnership with Interchecks additionally spotlight the success of the Fintech ecosystem we’ve constructed at MVB, which we are going to proceed to foster within the coming years.”
“As an early investor in our firm and given the various synergies between us, MVB is a perfect associate for Interchecks as we search to develop our enterprise within the on-line gaming section and different high-growth industries,” mentioned Dylan Massey, CEO of Interchecks. “We additionally sit up for working with the MVB Edge Ventures crew on the rollout of its GRAND expertise, which can present cheaper and sooner funds from a contemporary checking account. That is synergistic with our efforts all through our historical past at Interchecks to supply real-time funds to the net sports activities betting house.”
About MVB Monetary Corp.
MVB Monetary Corp. (“MVB Monetary” or “MVB”), the holding firm of MVB Financial institution, Inc., is publicly traded on The Nasdaq Capital Market® underneath the ticker “MVBF.”
MVB is a monetary holding firm headquartered in Fairmont, W.Va. Via its subsidiary, MVB Financial institution, Inc., and the financial institution’s subsidiaries, the corporate supplies monetary providers to people and company shoppers within the Mid-Atlantic area and past.
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For extra details about MVB, please go to ir.mvbbanking.com.
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MVB Monetary Corp. has made forward-looking statements, inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, on this Press Launch. These forward-looking statements are based mostly on present expectations concerning the future and topic to dangers and uncertainties. Ahead-looking statements embrace, with out limitation, info regarding attainable or assumed future outcomes of operations of the Firm and its subsidiaries, in addition to statements relating to MVB’s future plans with regard to its Fintech line of enterprise. When phrases similar to “plans,” “believes,” “expects,” “anticipates,” “continues,” “could” or comparable expressions happen on this Press Launch, the Firm is making forward-looking statements. Be aware that many elements might have an effect on the long run monetary outcomes of the Firm and its subsidiaries, each individually and collectively, and will trigger these outcomes to vary materially from these expressed within the forward-looking statements contained on this Press Launch. These elements embrace however should not restricted to: credit score threat; modifications in market rates of interest; revaluation of fairness investments, together with MVB’s investments in Fintech corporations; lack of ability to additional scale up the Fintech line of enterprise; competitors; financial downturn or recession; and authorities regulation and supervision. Further elements which will trigger our precise outcomes to vary materially from these described in our forward-looking statements may be discovered within the Firm’s Annual Report on Type 10-Ok for the 12 months ended December 31, 2020, in addition to its different filings with the SEC, which can be found on the SEC web site at www.sec.gov. Besides as required by regulation, the Firm undertakes no obligation to replace or revise any forward-looking statements.