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Treasury Prime lays off staff in strategic pivot

Treasury Prime lays off staff in strategic pivot

Embedded banking platform Treasury Prime has laid off half of its staff as part of a strategic pivot to sell directly to banks.

Launched in 2017, Treasury Prime has previously sold its BaaS offering to fintechs as a means to connect with traditional banking services.

"However, it’s become increasingly clear to me that the future of embedded banking is through bank-direct, fintech partnerships," says CEO Chris Dean in a blog post. "The market is settling on this model, and it’s happening fast."

To evolve with the changing landscape, the firm is launching a new Bank-Direct product, which will enable banks to support the entire lifecycle of a direct relationship with a fintech customer, including the sales, onboarding, management, and support of that partnership.

The shift in focus comes as many banks are quietly ramping up their in-house fintech business development capabilities, as a growing number look to close their own fintech deals. At the same time, banking regulators are carefully scrutinising fintech partner banks, shutting down fintech partnerships, and issuing consent decrees.

Dean says Treasury Prime will reorientate its sales strategy, creating a new business development group that will provide specialised expertise to banks seeking out large fintech customers to assist in winning those deals.

"As we sharpen our focus to support banks as they target the largest and most innovative fintechs with the Bank-Direct product, we need to rethink the way we are organized," he says. "As a result, some very talented colleagues will be leaving our firm or redeployed to other parts of our company."

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