High Circle has partnered with FirstBank on a solution that blends FDIC insurance, competitive interest rates and luxury rewards.
This strategic partnership is powered by Treasury Prime, an embedded banking software company, the three companies said in a Tuesday (Jan. 16) press release.
The partnership brings together High Circle’s banking and investment platform and FirstBank, of Tennessee, a member of the Federal Deposit Insurance Corp., according to the release.
Together, the companies aim to offer products for business owners and high-net-worth individuals, the release said.
For one of these products, High Circle is providing a FinTech platform to provide access to commercial checking accounts issued by FirstBank and up to $125 million FDIC insurance through the IntraFi network, per the release.
These accounts offer High Circle clients up to $125 million in FDIC-insured coverage, an attractive annual percentage yield (APY), and ACH and wire transfer capabilities, according to the release.
In addition, these clients will be able to access High Circle’s rewards program, which allows them to earn incentives based on deposit activity, including discounts on private jets, vacation homes, hotels and resorts, and exclusive events, the release said.
“Our mission is to transform the financial landscape for affluent and high-net-worth individuals,” Hemanth Golla, founder and CEO of High Circle, said in the release. “By blending traditional banking, investment solutions and luxury lifestyle experiences, High Circle redefines how they engage with their wealth.”
In the coming months, High Circle will add other initiatives in partnership with FirstBank and Treasury Prime, per the release. These will include personal banking products that allow clients to secure their cash reserves within a unified platform.
“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,” Wade Peery, chief innovations officer at FirstBank, said in the release.
Jeff Nowicki, vice president of banking at Treasury Prime, added: “Our multibank network is reshaping how FinTech collaborations operate, and this partnership is at the forefront of that transformation.”
Banks of all sizes can benefit from offering banking-as-a-service (BaaS), Nowicki told PYMNTS in an interview posted on May 5. BaaS presents an opportunity for banks to expand their reach and keep up with digital innovation, he said.