National Black Bank Foundation and JAM FINTOP Partner to Modernize and Enhance Community-Based Minority Banks



ATLANTA – (COMMERCIAL THREAD) – The National Black Bank Foundation (NBBF), a racial justice nonprofit working to empower communities of color to access capital and build wealth through a strong black banking sector, and JAM FINTOP, a joint venture between Jacobs Asset Management and FINTOP Capital that works to accelerate the adoption of technology in community banks across the country, today announced a strategic partnership and the formation of a new innovation committee of Minority deposit-taking institutions (MDIs).

The NBBF was instrumental in creating new business growth opportunities for black banks, including a first professional sports loan deal that was syndicated between eleven black banks and the Atlanta Hawks’ NBA team. Transactions like this offer participating banks the opportunity to place quality productive assets on their balance sheets. Equally important to minority depositories is updated technology to stay relevant. MDIs provide essential banking products and services to small businesses and individuals in minority and low-income communities in urban and rural areas who traditionally lack access to secure and affordable credit. Many of these institutions are small and building capacity and scale is essential to expand their operations and extend services to their communities.

The NBBF-JAM FINTOP partnership will bring together experts in financial services, regulation and fintech to support black banks and their clients. At the heart of this partnership is a new MDI Innovation Committee, which will provide a vital route to modernize the technology stacks of under-invested and under-capitalized minority depositories.

The MDI Innovation Committee will include:

  • The Black National Bank Foundation
  • Ameris Bancorp (ABCB)
  • Atlantic Union Bankshares (AUB)
  • Banner Corporation (BANR)
  • Columbia Banking System Inc (COLB)
  • ConnectOne Bancorp Inc (CNOB)
  • East West Bancorp Inc (EWBC)
  • Miniatures technologies
  • First Busey Corp (BUSE)
  • Harrison Barnes (Fintech investor, bank board member and professional athlete)
  • New York Community Bancorp, Inc. (NYCB)
  • OFG Bancorp (OFG)
  • Renasant Corp (RNST)
  • Sterling Bancorp (STL)
  • Synovus Financial Corp (SNV)
  • Veritex Holdings Inc (VBTX)
  • Valley National Bancorp (VLY)

Ashley Bell, General Counsel for the National Black Bank Foundation, will serve as Senior Director of MDI’s Innovation Committee. Commenting on the strategic partnership, Ashley Bell said, “Black-owned banks are in desperate need of upgrading their technology to meet the unique needs of borrowers of color, who are denied credit at twice the national rate. This partnership with the JAM FINTOP network will be instrumental in ensuring that MDIs have a modern technology stack that keeps them relevant and competitive to help them serve their communities. ”

June Ou, committee member and co-founder of Figure Technologies, will provide MDIs with visibility into the dynamic fintech landscape. We have overseen the development of the open source blockchain platform Provenance, which has revolutionized the way digital assets are issued, accessed and traded. “We are looking for innovative blockchain solutions that are relevant to banks and aimed at bringing the unbanked and underbanked into the financial ecosystem. We want to be a partner of these important MDIs and have a positive effect on local communities,” Or mentioned.

JAM FINTOP Banktech was established in 2021 to invest in banking technology on behalf of 66 community banks with total assets north of $ 600 billion. Adam Aspes, General Partner at JAM Special Opportunity Ventures, said: “Our banking network is a great group and through active engagement with our partners, we are helping them stay ahead of fintech. We believe that we are in the early stages of the financial system being totally rewired and that it is essential that MDIs have a place around the table. We look forward to working with the NBBF and our banking partners to make this happen. ”


The nonprofit National Black Bank Foundation and its investment unit, the Black Bank Fund, was established in 2020 to uplift black-owned banks and the communities they serve. In collaboration with business and philanthropic partners, the Foundation provides legal, regulatory and operational assistance to black banks, while the Fund will invest $ 250 million in direct Tier 1 capital in existing black banks through purchases of black banks. ‘actions. Learn more about


JAM FINTOP is a joint venture between JAM Special Opportunity Ventures (“JSOV”), a subsidiary of Jacobs Asset Management (“JAM”), and FINTOP Capital. The partnership brings together banking experts and seasoned fintech entrepreneurs to invest in companies that are changing the way financial institutions and their customers move, track and interact with money. JAM has been investing in public and private community banks for 26 years, and FINTOP Capital is a leading FinTech investor with over 140 years of collective experience. JAM and JSOV are not affiliated with FINTOP Capital.

JAM FINTOP Banktech raised $ 150 million in April 2021 to help accelerate the adoption of the technology in community banks across the United States. Uniquely, the fund’s 66 sponsors are community banks. The $ 600 billion and more in combined assets of the fund’s limited partners would rank fifth among banks in the country. JAM FINTOP’s second fund, JAM FINTOP Blockchain, will invest in blockchain infrastructure, ramps and businesses. With Figure and NYCB as lead investors, it is currently being marketed to qualified buyers. For more information visit



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