Lead

What Lead does

Lead Bank operates as both a state-chartered FDIC-insured community bank and a Banking-as-a-Service (BaaS) platform headquartered in Kansas City, Missouri. Originally chartered as Garden City Bank in 1928 and refounded as Lead Bank in 2010, the institution was acquired in 2022-2023 by Luna Parent, Inc. for approximately $56 million, led by a group of investors including current CEO Jackie Reses, a former Square/Block executive. The company serves two primary customer bases: fintech and digital asset companies requiring compliant banking infrastructure, and traditional small businesses and consumers seeking standard banking products.

The BaaS platform consists of modular APIs branded as Lend (embedded credit, term loans, lines of credit, BNPL), Move (ACH, instant payments, wires, international wires, stablecoin transfers), Issue (physical and virtual credit and debit card issuing), and Store (FDIC-insured multi-currency accounts). Underlying technical capabilities include stablecoin settlement across multiple blockchain networks (Solana, Ethereum, Polygon, Arbitrum, Base, Stellar, Avalanche, XRPL), 24/7 settlement including weekends and holidays, and integration with Visa, Mastercard, and Stripe's Bridge platform for stablecoin-backed card issuance. The firm also operates traditional banking channels through two Missouri branches and a direct-to-consumer digital platform at lead.bank.

Lead generates revenue through BaaS API fees (transaction processing, account maintenance, card issuing), interest income from lending products and deposits, stablecoin and digital asset service fees, and traditional banking fees on personal and business accounts. Major BaaS partners include Affirm, Ramp, Revolut, Branch, River, Lightspark, Phantom, and MetaMask. The company achieved revenue of $107 million for the first nine months of 2023 with $12 million in net income and total assets of $951 million, and closed a $70 million Series B funding round in September 2025 at a $1.47 billion post-money valuation led by ICONIQ and Greycroft. In December 2025, Lead acquired Loop Crypto to expand its stablecoin payment infrastructure.

Name

Lead

Legal name

Lead Bank

Website

https://lead.bank

Company type

Private

Founded year

1928

Operating status

Operating

Headcount range

251–500 employees

Short description

Lead Bank is a Kansas City-based, FDIC-insured state-chartered bank operating a Banking-as-a-Service platform that provides fintechs and digital asset companies with API-based lending, payments, card issuing, and FDIC-insured account infrastructure, alongside traditional personal and business banking services.

Ownership category

akta.pro rank

Product category

Banking-as-a-Service

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)

akta.pro secondary industries

Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

Keywords

• Banking as a Service
• Embedded finance infrastructure
• Fintech banking APIs
• Stablecoin settlement services
• FDIC-insured accounts

Headquarters

HQ city

Kansas City

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Banking-as-a-Service (BaaS) Fees: Revenue generated from providing banking infrastructure APIs to fintech partners, including transaction processing fees, account maintenance fees, and card issuing fees
2. Interest Income: Traditional bank interest income from lending products (term loans, lines of credit) and interest earned on deposits
3. Stablecoin and Digital Asset Services: Revenue from stablecoin settlement, crypto banking services, and digital asset infrastructure for fintech and crypto company partners
4. Business and Personal Banking: Traditional banking revenue from personal and business checking, savings, and investment accounts including service fees and interest spread

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Lead Bank is a state-chartered FDIC-insured bank that operates a Banking-as-a-Service (BaaS) platform providing modular APIs for fintech and crypto companies to embed lending (term loans, lines of credit, BNPL), money movement (ACH, instant payments, wires, international wires, stablecoin transfers), card issuing (physical/virtual debit and credit cards), and FDIC-insured account capabilities into their products. The bank also serves personal and business banking customers directly through traditional deposit, savings, and loan products via its website and two Missouri branch locations.

Product overview

Lead Bank operates as both a traditional community bank and a Banking-as-a-Service (BaaS) platform. The BaaS offering consists of the Partner Platform with modular capabilities: Lend (embedded credit products), Move (global money movement including stablecoin transfers), Issue (card issuing), and Store (FDIC-insured accounts). Traditional banking includes personal checking, savings, investment savings, and business banking products. The company also issues co-branded credit cards including the Atlas Card and Nibbles Pet Rewards Mastercard, and acquired Loop Crypto for stablecoin payment capabilities. Lead provides infrastructure for fintech and crypto companies to embed financial services.

Differentiator

Problem solved

Functional benefit

Brands

• Loop: Stablecoin payments company acquired by Lead Bank in December 2025, now operating as part of Lead's stablecoin infrastructure.

Products and services

• Partner Platform (BaaS)
• Personal Banking
• Business Banking
• Lead Sweeps Program
• Atlas Card
• Nibbles Pet Rewards Credit Card
• Branch Workforce Payments Partnership
• River Bitcoin Banking Services
• Loop Stablecoin Payments

Quantifiable outcome

• Q3 2023 revenue increased 9% sequentially to $37 million, with net profit jumping 50% to $5 million
• +2 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• American Fintech CouncilminorStrategic or Co-development Partner · 23 June 2026Lead Bank joined the American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks. AFC endorsed H.R. 6552, the Bank-Fintech Partnership Enhancement Act.
• MastercardcoreTechnology or Integration · 3 June 2026Lead Bank partnered with Mastercard to expand settlement capabilities to include stablecoin (USDC, PYUSD, RLUSD, SoFiUSD), intraday, weekend, and holiday settlement options. Lead Bank is among the first U.S. partners to support Mastercard's new stablecoin settlement capabilities across blockchain networks.
• RivercoreTechnology or Integration · 14 April 2026River, a Bitcoin financial services company, partnered with Lead Bank to offer FDIC-insured banking services. River's Bitcoin banking products provide 3.3% annual interest paid in bitcoin, combining checking and savings functionality with FDIC insurance through Lead Bank.
• Bridge (Stripe)coreTechnology or Integration · 3 March 2026Bridge, a Stripe-owned stablecoin infrastructure platform, partnered with Lead Bank for on-chain settlement of card transactions. Lead Bank enables Bridge to offer stablecoin-backed Visa cards that can be settled on-chain, live in 18 countries with expansion planned to over 100 countries. Platforms like Phantom and MetaMask have integrated this offering.
• Loop CryptocoreStrategic or Co-development Partner · 10 December 2025Lead Bank acquired Loop, a stablecoin payments company, to expand its stablecoin infrastructure capabilities. Loop founder Eleni Chan now leads stablecoins at Lead Bank.
• ChainalysiscoreTechnology or Integration · 30 September 2025Lead Bank collaborated with Chainalysis, the blockchain data platform, to enhance its compliance capabilities and streamline client onboarding for fintech and crypto company partners.
• BranchcoreTechnology or Integration · 24 July 2025Branch partnered with Lead Bank as its banking and card-issuing partner, with Lead Bank serving as the sponsor bank for Branch's workforce payment solutions including the Branch App, Card, and White Label offerings. Recognized as fastest-growing by Deloitte and Inc., and winner of FinTech Breakthrough 'Best Payment Enablement Platform' award.
• VisacoreTechnology or Integration · 3 March 2025Visa expanded its stablecoin settlement pilot with Lead Bank as a participant. Lead Bank enables Visa issuers and acquirers to complete settlements using stablecoins on supported blockchains including Solana, Ethereum, Stellar, and Avalanche. The partnership supports Visa's global card issuance product with Bridge for stablecoin-backed cards.
• Program Banks NetworkcoreTechnology or IntegrationLead Bank's Sweeps Program partners with 24 FDIC-insured banks including Amalgamated Bank, Bank Hapoalim, Bank of Hope, Huntington National Bank, Truist Bank, and others to provide up to $250,000 FDIC insurance per bank through deposit sweeps.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Cross River Bank: New Jersey state-chartered commercial bank widely regarded as the leading US sponsor bank for fintech BaaS, powering partnerships with Affirm, Coinbase, Stripe, and others. Highly comparable to Lead as a state-chartered bank providing regulated banking infrastructure to fintechs via APIs.
• Grasshopper Bank: New York-based digital-native commercial bank focused on serving fintech, digital asset, and BaaS clients via API-driven banking products. Closely comparable niche to Lead Bank's BaaS and digital-asset sponsor-bank model.
• Piermont Bank: New York-chartered commercial bank specializing as a sponsor bank for fintechs and crypto companies, including stablecoin issuers. Directly comparable to Lead in serving digital asset and embedded finance clients.
• Blue Ridge Bank: Virginia-based community bank that built a substantial fintech partnership / BaaS business before facing regulatory action. Highly comparable operating model to Lead in community-bank-meets-BaaS, with a cautionary precedent on regulatory exposure.
• Lineage Bank: Missouri-based digital bank providing sponsor-banking services for fintechs and crypto firms (formerly Sentinel Capital/Chainalysis-adjacent relationships). Comparable community-bank-turned-BaaS-sponsor model in similar geography and risk profile.
• Mercury: Digital banking platform serving startups and tech companies via partner banks (Choice Financial, Evolve Bank). Highly comparable business model of a fintech-branded banking experience delivered through sponsor-bank infrastructure.

Emerging players

• Synapse (now defunct): Was a direct BaaS infrastructure platform partnering with sponsor banks (including Lead-adjacent) to deliver fintech banking primitives. Included for historical comparability given shared customer base, though the company is no longer operating.
• Unit: Embedded banking platform that integrates with sponsor banks to provide fintechs with accounts, cards, and lending APIs. Comparable to Lead's Partner Platform in serving fintech clients, though Unit is software infrastructure rather than the chartered bank itself.
• Treasury Prime: BaaS API platform connecting fintechs to a network of sponsor banks for accounts, cards, and ACH. Comparable technology layer to Lead's Partner Platform, though Treasury Prime is infrastructure middleware rather than the chartered bank.

Broad incumbents

• Stripe (Banking & Treasury): Global payments incumbent with banking-as-a-service ambitions (Stripe Treasury, Issuing, Bridge stablecoin acquisition). Compares to Lead as a strategic counterparty but operates at vastly greater scale and competes for the same embedded-finance customer wallet.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Lead_Bank
• Facebookfacebook.com/LeadBank
• LinkedInlinkedin.com/company/lead-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lead