Treasury Prime, a leading embedded banking software company, is powering a new strategic partnership between FirstBank, a Tennessee Corporation, Member FDIC, and High Circle, a banking and investment platform, designed to minimize risk and maximize returns for business owners and high-net-worth individuals whose needs are not being met by large traditional banks.
As part of this partnership, High Circle is providing a financial technology platform to provide access to commercial checking accounts issued by FirstBank and up to $125 million FDIC insurance through the Intrafi network. These accounts offer High Circle clients up to $125 million in FDIC-insured coverage, an attractive annual percentage yield of up to 4.00%, and ACH and wire transfer capabilities. Furthermore, clients will be able to access High Circle's rewards program, independent of FirstBank's involvement, to earn incentives based on deposit activity, including discounts on private jets, vacation homes, hotels and resorts, and exclusive events. This blend of FDIC insurance, competitive interest rates, and luxury rewards allows clients to manage and grow their overall wealth securely.
In the coming months, High Circle will unveil additional initiatives in partnership with Treasury Prime and FirstBank, including personal banking products, allowing customers to secure their cash reserves within a unified platform.
"Our mission is to transform the financial landscape for affluent and high-net-worth individuals. By blending traditional banking, investment solutions, and luxury lifestyle experiences, High Circle redefines how they engage with their wealth," said Hemanth Golla, founder and CEO of High Circle. "Our collaboration with FirstBank and Treasury Prime is a significant step towards meeting this market need. Together, we aim to offer tailored, cutting-edge financial services that cater to the unique needs of high-net-worth individuals and businesses. We are excited about the opportunities this partnership brings to redefine excellence in affluent financial management."
"We are excited to partner with Treasury Prime in offering High Circle customers a seamless, secure and innovative way to manage their wealth," said Wade Peery, Chief Innovations Officer of FirstBank. "By leveraging Treasury Prime's technology, we can seamlessly embed bank accounts and provide payment rails within High Circle's platform, all while improving the end- user experience."
Jeff Nowicki, VP of Banking at Treasury Prime, added: "Our multi-bank network is reshaping how fintech collaborations operate, and this partnership is at the forefront of that transformation.
By seamlessly connecting high-quality banking services from FirstBank to platforms like High Circle, we're driving innovation and directly enhancing financial experiences."