Fintech
Fintech Atmos collaborates directly with Five Star Bank in a sustainable BaaS model
Atmos Financial has partnered with Five Star Bank since 2023 to offer climate finance products and services in a safe and sound manner
SAN FRANCISCO, June 25, 2024 /PRNewswire/ — Atmos Financial, PBC continues to advance its mission to help decarbonize the banking industry and advance the rapid transition to a clean economy through its partnership with Five Star Bank, a New York State chartered bank.
Atmos Financial established a direct partnership with Five Star Bank in 2023 to provide various banking services as a sponsoring bank. Sponsor Banks are licensed banking institutions that work closely with fintech companies like Atmos to develop and offer unique, proprietary banking products with prudent oversight and controls in place to ensure risk integrity and compliance outcomes for customers.
Since completing the migration of tens of thousands of bank accounts from Atmos’ previous partner, a middleware software provider, to Five Star Bank, Atmos account holders have continued to benefit from seamless integration and direct partnership with Five Star Bank, a key distinction from the previous setup.
The new partnership offers Atmos account holders access to a broader range of services and products. And, most importantly, they are able to play an active role in supporting a clean economy and fighting climate change. In 2023, Atmos has prevented 153,040,411 pounds of carbon from entering the atmosphere by using customer deposits to finance clean energy projects and build 12,300 kw of power through solar installations across the country, in partnership with its network of installers.
“Our decision to migrate our services to Five Star represented a strategic opportunity for Atmos,” said Pete Hellwig, financial co-founder of Atmos. “We have developed a strong working relationship with the entire Five Star team across all its business lines and support and control functions, while building our clean energy lending business line. We have decided to migrate our services deposit banking to Five Star Bank in order to build a stable, climate-conscious banking model that will last generations.”
Atmos Financial was one of Five Star Bank’s first partners with integrations directly into the Bank’s core operating system. Through its Banking-as-a-Service (BaaS) model, Five Star Bank owns customer registry, money transmission and other core banking services. Five Star Bank also provides Atmos customers access to FDIC insurance.
“Atmos is a valuable strategic partner that allows us to expand beyond our traditional geographic reach and connect with clients who are passionate about green finance, an area where Atmos has tremendous subject matter expertise,” said Reid Whiting, Chief Banking Officer of Five Star Bank. “In a highly regulated industry, our ability to understand and manage risk is critical to successfully running a BaaS business unit. We are proud to partner with Atmos to deliver products and services in a way that respects the integrity and strength of the system banking and protects our customers.”
About Atmos Financial, PBC
Headquartered in San Francisco, California, Atmos Financial is a financial technology company that offers bank accounts to customers, as well as distributed clean energy lending solutions to banks, credit cooperatives and installers. Atmos Financial allocates 100% of deposits to climate-positive infrastructure.
Atmos Financial is a technology company, not a bank. Banking services are provided by our partner institution, Five Star Bank, Warsaw NY (Member FDIC).
SOURCE Atmos Financial