SmartBiz, a fintech specializing in small business loans, has acquired United Community Bancshares marking the first fintech-bank acquisition approved since the LendingClub and SoFi deal. The move enables SmartBiz to transition into a direct lender funded by bank deposits while maintaining its digital loan marketplace, potentially signaling a renewed trend of fintechs obtaining banking charters. Regulatory experts suggest that while approvals remain stringent, changing political conditions may lead to increased fintech interest in acquiring or establishing banks, with possible expansions into crypto and alternative lending sectors.
SmartBiz Acquires United Community Bancshares
