Barings, Live Oak Bank Commit to the Future of Fintech
For Immediate Release on 7/18/19
- Barings and Live Oak Bank join Carolina Fintech Hub as anchor partners
- In addition, Barings will join the Board of Directors of the Carolina Fintech Hub
- The addition of a financial services firm and $4B asset bank highlights the ability of Carolina Fintech Hub to serve the diverse market needs in Fintech across the region.
The Carolina Fintech Hub, a non-profit organization fueling the future of fintech from the Carolinas, is excited to announce Barings and Live Oak Bank as its latest anchor partners. The addition of a $317+ billion global financial services firm, Barings, and a $4 billion, digital-first bank, Live Oak, highlights the ability of the Carolina Fintech Hub to serve diverse market needs in fintech.
“We are adding one of the global leaders in institutional investment and one of the most innovative community banks on the planet,” explains Tariq Bokhari, Carolina Fintech Hub Executive Director and Charlotte City Councilman. “That speaks to the power of our ecosystem.”
In addition to becoming an anchor partner, Barings will join the Board of Directors alongside Carolina’s premier institutions Bank of America, Wells Fargo, BB&T, Ally, EY and AIG. Barings’ global presence adds a unique perspective to Carolina Fintech leadership. “As the financial sector becomes increasingly reliant on technology, Barings is honored to join the Carolina Fintech Hub and serve on its Board of Directors,” said Brian Pope, Barings Managing Director. “An ongoing challenge for developing companies is finding capital, talent and partners for growth. We are looking forward to working with other partner organizations to advance Fintech and drive more capital and talent to the Carolinas.”
Live Oak Bank, one of the nation’s leading small business lenders, is redefining how financial institutions engage with customers using unparalleled service and technology. From its inception, Live Oak has been at the leading edge of banking innovation. The Wilmington-based company created nCino, the cloud-based bank operating system, that was spun off into a separate company in 2012. Live Oak Bancshares and First Data entered a joint venture in 2017 to create Apiture, a digital banking platform also headquartered in Wilmington. In addition, Live Oak Ventures, invests in companies that accelerate the delivery of open digital banking solutions to the market to change the landscape of financial services, such as Finxact, Payrailz, DefenseStorm and Greenlight.
“We believe North Carolina is central to the financial services landscape, and we are excited to have the Carolina Fintech Hub supporting fintechs across the state so we can create an environment where innovation thrives,” says James S. (Chip) Mahan III, Live Oak Bank Chairman and CEO.
The Carolina Fintech Hub’s continued growth in partners, geographic footprint, and global reach bring tremendous value to the Carolina region. Barings and Live Oak will enable more investment in developing talent, promoting innovation, and connecting within the Carolinas and global ecosystem of financial services and insurance.
About Carolina Fintech Hub The Carolina Fintech Hub is a non-profit organization based in Charlotte, NC. The mission of the Carolina Fintech Hub is to amplify the tremendous growth of the ecosystem, empower entrepreneurs, and make the Carolinas the global Fintech destination. The focus of Carolina Fintech is the development of talent, promotion of innovation, and outreach to the local and global community. For more information, visit www.carolinafintechhub.org.
About Barings Barings is a $317+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. For more information, visit www.barings.com
*As of March 31, 2019
About Live Oak Bank Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak brings efficiency and excellence to the banking process, without branches, by using a focused approach to technology and innovation. To learn more, visit www.liveoakbank.com.