Verdigris Holdings Selects Brean Capital as Lead Investment Bank - Advancing its Mission to Bring Banking to the Unbanked
PHOENIX, May 22, 2019 /PRNewswire/ -- Verdigris Holdings, Inc., the company bringing banking to the unbanked and the companies that serve the underserved, is pleased to announce the selection of Brean Capital, LLC as its lead investment bank for the advancement of its series A and series B funding rounds. The A round sourcing will fuel the rapid technological build-out and infrastructure necessary to secure the bank's charter while the B round funding will secure the capitalization necessary for the formation of the bank.
"With over 63 million Americans having no or limited access to banking there is a tremendous business opportunity and a societal mandate to address this disparity," said Michael Coghlan, CEO, Verdigris Holdings. "Verdigris' selection of Brean Capital to drive our funding rounds will help our much-needed solution come to market through Brean's expertise in banking and its forward-thinking approach."
Currently 25% of Americans are forced to seek more expensive services than they could receive with a normal bank account. The lack of access costs them over three times what the average person pays for traditional financial services outside the regulated banking system. This is because traditional banks are unable to profitably bank these customers. Verdigris – through proprietary technology, industry expertise, and planned operation as a regulated bank – has originated a way to profitably bank the unbanked and underbanked as well as the businesses that serve them, while significantly reducing the costs those customers pay. The result: more money in the pockets of those that need it most and a significant opportunity to build a strong, sustainable, growing business.
"We are proud to partner with Verdigris given the strong economics to the investor and the ability to address an important gap in the current banking system," said Chris Hogg, managing director, head of capital markets and structured products banking at Brean Capital. "This represents a rare moment for potential investors given the promising potential for Verdigris matched with the opportunity for investors to be a part of real, beneficial change that will impact millions."
The selection of a lead investment bank is one of several major milestones completed by Verdigris. Verdigris was recently accepted into the Arizona FinTech Sandbox – a program that allows approved companies the ability to launch, test and work with customers without full licensing under state law. Through this program, Verdigris can speed delivery of its solutions while testing and refining its platform in the marketplace.
Verdigris Holdings is changing banking for the better. Over 63 million people in America have no or limited access to the regulated banking system. This causes them to pay triple what they should for substitute banking services. Verdigris is building a fresh solution – the combination of patented technology, industry expertise and a real, regulated bank to deliver simple transactional banking to unbanked people and the companies that serve them.
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