Quontic Bank

What Quontic Bank does

Quontic Bank is a digital-first, FDIC-insured national bank headquartered in Manhattan that operates without physical branches, distributing deposit and mortgage products through its website, mobile apps (iOS and Android), and a wholesale broker channel (quonticwholesale.com). It holds an OCC national bank charter, FDIC insurance, and a Community Development Financial Institution (CDFI) certification, and is registered to originate mortgages in all 50 U.S. states. Its deposit product set includes four checking variants (High Interest Checking at up to 1.10% APY, Cash Rewards Checking with 1.00% debit cashback, Wearable Checking bundled with the Pay Ring, and a 3.80% APY Money Market Account), a 3.20% APY High Yield Savings account, and Certificates of Deposit across six terms at 2.75%-3.60% APY — rates that sit materially above national averages. The mortgage portfolio spans Conventional, FHA, VA, and Home Equity products alongside a non-traditional suite (Lite Documentation, Asset Utilization, ITIN, Foreign National, and DSCR loans) targeted at self-employed borrowers, immigrants, and real estate investors who are underserved by traditional lenders.

Quontic monetizes primarily through net interest income on the spread between mortgage assets and deposit liabilities, supplemented by limited fee income. The bank's technology stack centers on a proprietary digital banking platform with biometric authentication (Touch ID, facial recognition), remote check deposit, Zelle P2P, Apple/Google/Samsung Pay tokenization, Plaid-powered external account funding, and access to 90,000+ surcharge-free ATMs via AllPoint, MoneyPass, SUM, and Citibank network partnerships. Its signature innovation is the Quontic Pay Ring — a high-purity ceramic wearable that enables contactless payments via a knocking gesture — marketed as the first wearable payment device integrated with a checking account.

The customer base is segmented across rate-optimizing digital consumers, first-time and repeat homebuyers, self-employed and gig-economy borrowers, non-U.S. citizens (via ITIN lending), and real estate investors (via DSCR). Go-to-market is direct-to-consumer through the website and app for deposits, with a hybrid retail-and-wholesale model for mortgages, supported by multi-lingual loan officers and a content-marketing engine (blog, guides, calculators) that drives organic acquisition. Leadership includes Chairman & CEO Steven Schnall, President & CLO George Lazaridis, Chief Innovation Officer Patrick Sells, and Chief AI Officer Chet Seely. Capital history includes a $3.3M round in 2019, an $8.0M round in 2020, and a $1.825M U.S. Treasury CDFI grant in 2021, and the company has earned recognition including Money Magazine's Most Innovative Bank of 2023-2024 and FedFis 2026 Innovative Bank Leader.

Name

Quontic Bank

Legal name

Quontic Bank

Website

https://quontic.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

Quontic Bank is a digital-first, FDIC-insured national bank offering high-yield checking, savings, money market, and CD products alongside a mortgage suite that includes non-traditional ITIN, DSCR, and Foreign National loans, serving self-employed borrowers, immigrants, real estate investors, and rate-conscious consumers across all 50 U.S. states.

Ownership category

akta.pro rank

Product category

Digital Retail Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

National Commercial Banks (6021), Personal Credit Institutions (6141)

akta.pro industry

PRIMARYFSAGAAAC

Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts)

Financial & Insurance/Financial Technology (Fintech)/Digital Banking & Neobanking Platforms

SECONDARYFSABAAAB

Retail Lending (Personal Loans, Auto, Credit Lines)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSABAEAC

Community Development Credit Unions (CDCUs)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Community & Cooperative Banking (Credit Unions, Mutuals)

Keywords

• Digital banking services
• Retail deposit accounts
• Residential mortgage lending
• Non-QM mortgage products
• Community development lending

Headquarters

HQ city

Astoria

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Primary revenue from the spread between interest earned on loans (mortgages) and interest paid on deposits (checking, savings, CDs, money market accounts). As a CDFI, focuses on mortgage lending to underserved borrowers.
2. Fee Income: Limited fee income from specific services. While the bank emphasizes no monthly fees, overdraft fees, or incoming domestic wire transfer fees, certain rare fees may apply as detailed in their fee schedule.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Quontic Bank is a digital bank and CDFI providing retail deposit products (checking, savings, money market, CDs) and a residential mortgage suite, including specialized non-traditional loans for self-employed, immigrant, and real estate investor borrowers. All products are delivered through an online and mobile banking platform, with mortgages originated both directly to consumers and through a wholesale broker channel across all 50 U.S. states.

Product overview

Quontic Bank is a digital bank offering a comprehensive suite of banking and mortgage products. Its core banking offerings include four checking account types (High Interest Checking, Cash Rewards Checking, Wearable Checking with the innovative Pay Ring, and Money Market Account), a High Yield Savings account, and Certificates of Deposit in six terms ranging from 3 to 60 months. On the mortgage side, the bank provides both traditional products (Conventional, FHA, and VA loans) and an extensive non-traditional mortgage portfolio including Lite Documentation Loans, Asset Utilization Loans, ITIN Home Loans for non-US citizens, Foreign National Loans, and DSCR Loans for real estate investors. The bank positions itself as an inclusive lender serving self-employed individuals, immigrants, people of color, and others underserved by traditional financial institutions. All products are accessible through a digital-first platform with 24/7 online and mobile banking capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• Quontic Pay Ring: A wearable payment device that is the first of its kind, provided free with Quontic checking account.

Products and services

• High Interest Checking A conditional tiered variable rate checking account for individual consumers that earns up to 1.10% APY on all balance tiers when the holder makes 10 or more qualifying debit card point-of-sale transactions of $10 or more per statement cycle; otherwise it earns 0.01% APY. Requires a $100 minimum opening deposit and has no monthly fees.
• Cash Rewards Checking A non-interest bearing checking account for individual consumers that pays 1.00% cash back on Quontic debit card point-of-sale purchases, up to $50 per statement cycle. Requires a $100 minimum opening deposit and has no monthly fees.
• Wearable Checking with Quontic Pay Ring A checking account for individual consumers that includes a free Quontic Pay Ring, a high-purity ceramic, water- and scratch-resistant wearable that enables contactless payments via a knocking gesture over payment terminals. Requires a $100 minimum opening deposit.
• Money Market Account A money market account for individual consumers that earns 3.80% APY across all balance tiers with no monthly fees, and includes a free debit card and check writing. Requires a $100 minimum opening deposit.
• High Yield Savings A high-yield savings account for individual consumers that earns 3.20% APY with daily compounding and monthly crediting. Requires a $100 minimum opening deposit and has no monthly service fees.
• Certificate of Deposit (CD) Time deposit CDs for individual consumers available in 3-, 6-, 12-, 24-, 36-, and 60-month terms with APYs ranging from 2.75% (60-month) to 3.60% (3-month). Requires a $500 minimum deposit, with early withdrawal penalties applying.
• Conventional Mortgage A standard conventional mortgage for individual homebuyers purchasing a primary residence, vacation/second home, or rental property, with loan amounts up to $766,550, a minimum 620 FICO score, and down payments as low as 3%. PMI is required for down payments under 20%. Available in all 50 states.
• FHA Loan An FHA-insured mortgage for qualified individual borrowers with more flexible credit requirements than conventional loans.
• VA Loan A Veterans Affairs mortgage for eligible military service members, veterans, and surviving spouses offering favorable terms and no down payment required.
• Home Equity Loan A home equity loan allowing individual homeowners to access up to $500,000 by tapping into their home's equity.
• Mortgage Refinance Mortgage refinance options for individual homeowners seeking to change their loan term, reduce their payment, or access cash from their home equity.
• Lite Documentation Mortgage A flexible mortgage solution underwritten on the borrower's full financial profile rather than standard tax-return income documentation, designed for self-employed individuals and borrowers with variable income.
• DSCR Loan A Debt Service Coverage Ratio loan for individual real estate investors that qualifies the borrower based on the property's income rather than personal income documentation.
• ITIN Home Loan A mortgage product for non-US citizens who qualify using an Individual Tax Identification Number (ITIN) instead of a Social Security Number.
• Foreign National Loan A mortgage for foreign national borrowers who may not qualify for traditional financing due to citizenship or residency status.
• Asset Utilization Loan A non-traditional mortgage that qualifies the borrower based on their total asset portfolio rather than relying solely on income documentation.
• DSCR Mixed-Use & Multi-Family Loan A Debt Service Coverage Ratio loan extended to mixed-use and multi-family investment properties, qualifying the investor based on property cash flow.
• Quontic Digital Banking Platform Quontic's digital banking platform providing 24/7 online and mobile account access, mobile check deposit, bill pay, account transfers, Zelle P2P payments, Apple Pay/Google Pay/Samsung Pay, biometric authentication, and access to 90,000+ surcharge-free ATMs.
• Quontic Mobile App The Quontic Bank mobile application for iOS and Android enabling account management, remote check deposit, bill pay, Zelle person-to-person payments, and biometric sign-in.

Quantifiable outcome

• High Interest Checking earns 1.10% APY vs national average of ~0.01%
• +3 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• AllPoint NetworkcoreTechnology or IntegrationSurcharge-free ATM network access for Quontic customers. Quontic debit card holders can use AllPoint ATMs without incurring additional fees, expanding the bank's ATM footprint to 90,000+ locations.
• MoneyPass NetworkcoreTechnology or IntegrationSurcharge-free ATM network access for Quontic customers through the MoneyPass network.
• SUM Program ATMscoreTechnology or IntegrationSurcharge-free ATM network access for Quontic customers through the SUM (Shared UMLER) program at participating locations.
• PlaidcoreTechnology or IntegrationAccount funding integration allowing customers to securely link external bank accounts using Plaid's secure technology for initial account deposits.
• Mastercard (ID Theft Protection)coreTechnology or IntegrationMastercard ID Theft Protection included with eligible deposit accounts to alert, detect, protect, and resolve fraud issues. Also provides Zero Liability Protection.
• Early Warning Services (Zelle)coreTechnology or IntegrationZelle person-to-person payment integration in mobile app enabling customers to send and receive money instantly to contacts.

Scale indicators4 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Marcus by Goldman Sachs: Goldman Sachs' consumer digital bank offering high-yield savings and CDs with no fees. Competes head-to-head with Quontic on above-market deposit pricing and branchless digital banking.
• Rocket Mortgage: Largest U.S. online mortgage originator offering conventional, FHA, VA, and jumbo loans digitally. Comparable to Quontic on national-scale digital mortgage distribution.
• loanDepot: National retail and wholesale online mortgage lender with both consumer-direct and broker channels. Mirrors Quontic's dual retail/wholesale mortgage distribution strategy.
• Discover Bank: Online savings and CD products paired with cash-back debit and credit cards. Closely comparable to Quontic on rate-competitive deposit products and consumer digital onboarding.
• Ally Bank: Leading digital-first bank offering high-yield savings, CDs, money market, and mortgage products to consumers nationwide. Directly competes with Quontic on rate-led deposit acquisition and digital mortgage origination.
• SoFi: Digital-first bank and lender offering high-yield savings, checking, and a broad mortgage suite including non-QM products. Comparable as a direct neobank rival pursuing rate-conscious deposit customers.
• Synchrony Bank: Online savings and CD-led bank with competitive rates and a branchless model. Directly competes with Quontic on rate-led deposit acquisition for consumer customers.

Broad incumbents

• NewRez (shellpoint mortgage): Large non-agency and government mortgage lender offering conventional, FHA, VA, and non-QM products through retail and wholesale. Competes with Quontic across both prime and non-traditional origination.

Emerging players

• Angel Oak Mortgage Solutions: Non-QM mortgage lender specializing in self-employed, investor, and other non-traditional borrowers. Direct overlap with Quontic's Lite Doc, DSCR, and Asset Utilization product set.
• Self-Help Federal Credit Union / Self-Help Ventures Fund: CDFI-affiliated lender historically focused on low-income, minority, and underserved borrowers with innovative mortgage products. Comparable to Quontic on CDFI-led mission-driven lending to non-traditional borrowers.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCoj43ATgoqbSkHZusDpji5Q
• Facebookfacebook.com/quonticbank
• LinkedInlinkedin.com/company/quontic-bank
• Instagraminstagram.com/quontic
• Xx.com/quonticbank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds3 records

Investors1 record

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 Quontic Bank