MVB Expands Investment in Interchecks Technologies, Inc.
26 Agosto 2021 - 10:30PM
Business Wire
Interchecks Team to Manage Product Development
and Rollout of MVB Edge Ventures’ GRAND
MVB Financial Corp. (“MVB Financial”) (Nasdaq: MVBF) and MVB
Bank, Inc. (“MVB Bank”) (collectively “MVB”), announced today the
expansion of its investment in Interchecks Technologies, Inc., a
leading payment disbursement platform.
Founded in 2016, Interchecks is a privately held payout startup
with offices in Boca Raton, Fla., and Brooklyn, N.Y. Interchecks
simplifies and enhances payouts and 1099 compliance for
organizations around the world. The company’s suite of on-demand
payout options includes instant deposit, direct deposit, digital
check, paper check and more.
MVB acquired its initial stake in Interchecks in 2019. The
additional investment announced today will increase MVB’s interest
in Interchecks to 16%. MVB’s overall Fintech investment portfolio
has produced a cumulative IRR of nearly 200% since 2016.
Interchecks has achieved notable success in the gaming industry
segments of online sports betting, daily fantasy sports and
iGaming, a key area of focus for MVB. In partnership with Visa
Direct, which provides Interchecks with direct access to its
payment rails, the company has built a real-time1 payment
infrastructure that is leveraged by MVB’s largest clients and a
growing number of the more than 30 gaming companies that currently
bank with MVB.
In addition to the increased investment interest, MVB has
entered into a management contract with Interchecks CEO and
co-founder Dylan Massey and the Interchecks team to manage the
product development and rollout of GRAND, MVB’s digital account for
gaming and crypto.
“Increasing our investment and deepening our relationship with
Interchecks is an important financial and strategic objective for
MVB,” said Larry F. Mazza, President and CEO, MVB Financial. “Under
Dylan Massey’s leadership, Interchecks has achieved remarkable
success over the past several years. Its pioneering payment
disbursement technology is a natural fit with our focus on the
gaming industry at MVB. Following up on our initial early
investment, our increased investment and formal business
partnership with Interchecks also highlight the success of the
Fintech ecosystem we’ve built at MVB, which we will continue to
foster in the coming years.”
“As an early investor in our company and given the many
synergies between us, MVB is an ideal partner for Interchecks as we
seek to grow our business in the online gaming segment and other
high-growth industries,” said Dylan Massey, CEO of Interchecks. “We
also look forward to working with the MVB Edge Ventures team on the
rollout of its GRAND technology, which will provide cheaper and
faster payments from a modern bank account. This is synergistic
with our efforts throughout our history at Interchecks to provide
real-time payments to the online sports betting space.”
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the holding
company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital
Market® under the ticker “MVBF.”
MVB is a financial holding company headquartered in Fairmont,
W.Va. Through its subsidiary, MVB Bank, Inc., and the bank’s
subsidiaries, the company provides financial services to
individuals and corporate clients in the Mid-Atlantic region and
beyond.
Nasdaq is a leading global provider of trading, clearing,
exchange technology, listing, information and public company
services.
For more information about MVB, please visit
ir.mvbbanking.com.
[1] Actual fund availability depends on receiving financial
institution and region.
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, in this Press Release. These forward-looking statements
are based on current expectations about the future and subject to
risks and uncertainties. Forward-looking statements include,
without limitation, information concerning possible or assumed
future results of operations of the Company and its subsidiaries,
as well as statements regarding MVB’s future plans with regard to
its Fintech line of business. When words such as “plans,”
“believes,” “expects,” “anticipates,” “continues,” “may” or similar
expressions occur in this Press Release, the Company is making
forward-looking statements. Note that many factors could affect the
future financial results of the Company and its subsidiaries, both
individually and collectively, and could cause those results to
differ materially from those expressed in the forward-looking
statements contained in this Press Release. Those factors include
but are not limited to: credit risk; changes in market interest
rates; revaluation of equity investments, including MVB’s
investments in Fintech companies; inability to further scale up the
Fintech line of business; competition; economic downturn or
recession; and government regulation and supervision. Additional
factors that may cause our actual results to differ materially from
those described in our forward-looking statements can be found in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2020, as well as its other filings with the SEC, which
are available on the SEC website at www.sec.gov. Except as required
by law, the Company undertakes no obligation to update or revise
any forward-looking statements.
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MEDIA CONTACT Amy Baker VP, Corporate Communications
& Marketing MVB Bank abaker@mvbbanking.com (844) 682-2265
INVESTOR RELATIONS Marcie Lipscomb
mlipscomb@mvbbanking.com (844) 682-2265
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