FinTech News
Apex, Unifimoney Partner for Community Bank Investment Services
Two FinTech firms are joining forces in a bid to bring more financial services to smaller traditional banks and institutions. Recently, Apex FinTech Solutions and Unifimoney announced a partnership that will bring new services to customers of community banks and credit unions. Together, the companies will allow those institutions to offer investment services to account holders. These offerings could include Robo Advisory as well as stock and ETF trading.
Apex FinTech Solutions is a platform that supplies investing infrastructure to a number of FinTechs, including SoFi, Betterment, eToro, Public, and many others. Furthermore, their subsidiary Apex Clearing Corporation provides clearing and custody services. Meanwhile, Unifimoney describes itself as a “turnkey digital wealth management platform” that, in addition to servicing FinTech startups, also works directly with community banks and credit unions. According to the company, institutions are able to deploy Unifimoney in less than three days, making it easy to add these offerings for customers.
Announcing the partnership and its implications, Apex’s GM of FinTech Connor Coughlin said in a statement, “Community banks and credit unions are the backbone of the U.S. economy. As demand increases from these community financial institutions, we are pleased to collaborate with Unifimoney to further extend their existing services and empower more consumers on their long term wealth management journeys.” Coughlin added, “Unifimoney’s turnkey approach and exceptional user interface provides an incredibly compelling way to achieve this.”
Meanwhile, Unifimoney’s co-founder and CEO Ben Soppitt said of working with Apex, “We took great care and time in choosing the brokerage platform needed to support what are some of the most heavily regulated financial companies in the world. Apex stood out with its deep market experience, broad product mix and robust compliance procedures as well as their understanding of and passion for credit unions and community banks.”
Although Apex may not be a household name, those who have looked more closely at their digital brokerage accounts may have seen the brand’s name pop up in their terms of service. In fact, in addition to powering the aforementioned platforms, Apex previously provided clearing services for Robinhood before the app launched its own clearing system. This is to say that Apex has been a major force pushing retail investing forward via commission-free trades, fractional share trading, and more.
Now, with this Unifimoney partnership, it seems as though these types of offerings will be available to smaller institutions and the customers they serve, which could very well bring in more investors who may have previously been wary about using third-party apps. Of course, we’ll need to wait and see if this partnership does pay dividends as we enter 2023 and beyond.
