Blue Ridge Bank, a significant player in the banking-as-a-service space, is reducing its portfolio of fintech partners, aiming to address regulatory concerns and comply with a 2022 consent order from the Office of the Comptroller of the Currency. The bank plans to offboard around a dozen of its 50 fintech partners, limiting exposure to its core BaaS relationships. In addition to addressing the OCC’s consent order, the bank is facing higher capital requirements, prompting it to explore options for raising additional capital.
Blue Ridge Bank Sheds Fintech Partners, Explores Capital Raise
