- A financial institution serving area creatives, Nashville, Tennessee-based Studio Bank has partnered with Corserv.
- The credit card issuing program provider will enable Studio Bank to launch a comprehensive credit card program featuring virtual cards, automated credit decisioning, and more.
- Founded in 2018, Studio Bank is the first newly chartered de novo bank to launch in Nashville in more than a decade.
Nashville, Tennessee’s Studio Bank has turned to credit card issuing program provider Corserv to give its customers a new range of card-based payments solutions.
“We are excited to launch this next level of innovation,” Studio Bank Chief Experience Officer April Britt said. “Our clients have a unique set of credit card and payment needs as business owners, leaders, and creatives. We have been able to partner with Corserv to create a program to provide an enhanced credit card user experience with all the conveniences of the modern economy.”
A digital financial institution, Studio Bank is designed to bring banking services to Nashville area creatives. And by “creatives,” Studio Bank looks to serve a variety of creative communities: from musicians and code writers to entrepreneurs, social activists, and even parents working to build better lives for their families. Founded in 2018, Studio Bank was the first newly chartered de novo bank to launch in Nashville in more than 10 years. Reaching profitability in its second year of operation, Studio Bank has assets of more than $750 million as of the end of Q2 2022.
Studio Bank’s partnership with Corserv comes less than a month after the bank announced raising $38 million in new funding. The fresh capital includes $18 million in equity issued this spring as well as $20 million in unsecured notes issued from Studio Financial Holdings, a new holding company also announced last month. “As I have always said from the founding of Studio Bank, we offer the sophistication and capability of a large, regional bank coupled with the customer service of the very best community bank we could create,” Studio Bank CEO and President Aaron Dorn said when the funding was announced. “Our growth and expansion into key communities in Middle Tennessee show we are fulfilling that promise.”
Atlanta, Georgia-based Corserv offers a turnkey credit card issuing program that gives financial institutions the ability to offer branded credit cards to consumers, businesses, and commercial customers. The company’s program includes features such as virtual card support for ePayables, automated credit-decisioning, sales and servicing portals, transparent reporting, and hosted and secure PCI compliant software.
“Our program is designed to enable banks, like Studio Bank, to own their credit card financials without the need to add expertise, infrastructure, or staff,” Corserv CEO Jerry Craft said. “We look forward to providing Studio Bank with the tools to serve their unique customer base with innovative payment solutions for their evolving needs.”
This year, Corserv has partnered with regional financial institutions such as Massachusetts-based BayCoast Bank, Madison-based correspondent bank Bankers’ Bank, and The Bank of Missouri (TBOM). In August, the company received Visa Ready Certification for its Payment Cards as a Service APIs (PCaaSA) issuer processor program.