The partnership will help expand BankProv's BaaS offerings to clients nationwide through Synctera's innovative FinTech integrations

AMESBURY, Mass., April 8, 2022 /PRNewswire/ -- BankProv, subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging industries, is partnering with Synctera, a leading FinTech banking provider helping innovators build their own FinTechs more efficiently. Synctera's innovation in streamlining back-end digital banking services with BankProv's next-generation offerings, including its depository services to cryptocurrency exchanges, investment platforms and payment facilitators will offer FinTech developers in the cryptocurrency market expanded Banking-as-a-Service (BaaS) optionality with this new debit card BIN sponsorship program.

Synctera allows banking institutions to build new lines of business by sponsoring FinTechs and generating new revenue streams. BankProv and Synctera share the vision for a connected marketplace filled with opportunities for FinTech developers and customers to have more access and options for managing their money. BankProv is the eleventh community bank in Synctera's marketplace helping FinTechs to launch and scale their products.

Synctera will focus on bringing a card program to BankProv's partnerships with FinTechs that offer cryptocurrency related services including exchange, deposits, and payment services.

"Synctera is a trusted partner for community banks looking for solutions in taking their payments strategy to the next level," said Dave Mansfield, CEO of BankProv. "We are excited to enhance our BaaS business line by offering debit cards through the Synctera partnership."

"We take pride that we built a lightweight, modern core system that gives banks the flexibility to support new FinTechs in the most efficient way possible and offers control and insight into data for actionable knowledge and easy audits," said Kris Hansen, Chief Technology Officer of Synctera. "Synctera looks forward to providing solutions to BankProv's needs as it continues to expand its digital banking services and help more FinTechs and customers access their cryptocurrency safer and easier."

BankProv is one of the nation's only community banks to establish depository services to cryptocurrency-related businesses as part of its full-service USD offering to its commercial clients. Last year, BankProv became the first bank to extend a line of credit backed by Ether and also offers equipment and infrastructure loans to help crypto-mining businesses scale their operations.

About SyncteraLaunched in 2020, Synctera is powering the future of FinTech. Its end-to-end platform and guided, personalized experiences help FinTech builders create world-class products with embedded banking, card issuance, and more. Synctera's unique programs enable transparent, efficient partnerships between compatible FinTech builders and community banks, whether a FinTech builder is looking to quickly launch an MVP or scale a fully fledged offering. Everyone wins - FinTech builders create, launch, and scale great products, fast, and community banks access new revenue streams and markets. Learn more at www.synctera.com.

Media Contact: Rocco AloeGregory FCA for SyncteraSynctera@gregoryfca.com610-860-2075

About BankProvBankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

Media Contact: Rachelle Petersenrpetersen@bankprov.com 603-334-1255  

Forward-Looking Statements

Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors.  Factors that could cause such differences to exist include, but are not limited to: the effects of any pandemic disease, natural disaster, war, act of terrorism, accident, or similar action or event; those related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission, which are available at the SEC's website, www.sec.gov.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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SOURCE BankProv