Piermont Bank

What Piermont Bank does

Piermont Bank is an FDIC-insured, state-chartered digital commercial bank headquartered at 4 Bryant Park, New York, founded in 2019 by Wendy Cai-Lee — the first Asian American woman to launch a commercial bank in the U.S. — and positioned by the bank as the first cloud-native, purpose-built banking platform in the United States. The bank operates with no branches (services delivered by appointment and via digital channels) and serves three primary customer sets: fast-growing SMBs and entrepreneurs ($10M+ revenue / $15M+ EV / $2M+ EBITDA), VC and PE fund managers (capital call lines, NAV facilities, subscription lines, management company loans), and fintech platforms seeking a sponsor bank for embedded deposit, payment, debit, and lending infrastructure through APIs. A secondary commercial real estate book (acquisition, refi, bridge, and value-add loans sized $1–10M, up to 75% LTV) is described alongside business and personal deposit products (checking, money market up to 3.75% APY, savings, CDs, treasury management).

Name

Piermont Bank

Legal name

Piermont Bank

Website

https://piermontbank.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Piermont Bank is a cloud-native, FDIC-insured digital commercial bank serving fast-growing SMBs, VC/PE fund managers, and fintech platforms through API-driven embedded banking, fund finance, and commercial lending products.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110)

SIC

State Commercial Banks (6022), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

SME Sector/Specialty Banking (Vertical-focused: Healthcare, Agri, Tech, etc.) (FSABABAI)

akta.pro secondary industries

SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations) (FSAGAAAI), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), SME Lending & Working Capital Platforms (FSAGAJAA), Real Estate (Commercial Property, REITs) (FSABACAH)

Keywords

• Commercial banking services
• Embedded banking platform
• Business lending solutions
• Fund banking services
• Commercial real estate financing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income (Lending): Interest income generated from commercial lending activities including business loans, commercial real estate financing, VC/PE lending, and sponsor finance. Loans typically target companies with revenue over $10 million, enterprise value of $15 million+, or EBITDA greater than $2 million.
2. Deposit Funding & Interest Spread: Interest earned on customer deposits (business checking, money market, savings, CDs) with competitive rates up to 3.75% APY. Generates spread income between cost of funds and lending yields.
3. Embedded Banking / BaaS Fees: Fees from providing banking-as-a-service infrastructure to fintech partners, including deposit services, payment processing, compliance oversight, and lending solutions embedded in third-party platforms.
4. Fund Banking Services: Revenue from fund managers including capital call lines, NAV facilities, management company loans, and treasury management services for VC and PE funds.
5. Fee Income (Cash Management): Fees from cash management products and services including wire transfers, ACH processing, merchant services, remote deposit capture, and foreign exchange services.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Piermont Bank is a cloud-native, FDIC-insured digital commercial bank providing business banking, personal banking, lending (business loans, commercial real estate, VC/PE, sponsor finance), fund banking, and embedded banking/BaaS APIs to fintech partners. The bank combines digital-first account opening with high-touch relationship management, targeting fast-growing SMBs, fintech platforms, and venture/private equity fund managers in the United States.

Product overview

Piermont Bank operates as a digital specialty commercial bank offering an integrated platform of banking and lending products. The core offerings include Embedded Banking (API-driven fintech enablement), API Banking, Fund Banking, Business Banking, Personal Banking, and a comprehensive Lending suite (Business Lending, Commercial Real Estate, Venture Capital & Private Equity, Sponsor Finance). Products are designed to serve fast-growing companies from startup through IPO, with digital-first access combined with relationship-driven banking support.

Differentiator

Problem solved

Functional benefit

Products and services

• Embedded Banking A comprehensive embedded banking platform that enables fintech companies and startups to build innovative financial products and services by integrating deposit services, payment solutions (ACH, Wire, Check, Debit Card), compliance oversight, and lending solutions through APIs. Piermont serves as the sponsor bank and regulatory backbone for fintech partners.
• API Banking

Quantifiable outcome

• Total assets reached $500 million+ in less than 4 years since launch in 2019
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability1 record

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Parker (defunct fintech)minorOEM/ Whitelabel/ Licensing Partner · 7 May 2026Parker, a Y Combinator-backed fintech providing corporate credit cards and banking services for e-commerce businesses, was a BaaS partner using Piermont Bank as its sponsor bank. Parker filed for Chapter 7 bankruptcy on May 7, 2026 after failed acquisition talks. Customer deposits held at Piermont were expected to be unaffected by bankruptcy proceedings.
• NFL (National Football League)minorGTM or Marketing PartnerPiermont Bank partnered with the NFL to drive economic opportunities in underserved communities (September 2024). Strategic partnership for community development and brand visibility.
• Venture Capital & Private Equity EcosystemcoreStrategic or Co-development PartnerPiermont provides fund banking services including capital call lines, NAV facilities, and management company loans to emerging fund managers. Deep expertise in working with first-time GPs and women-led funds. Bank actively supports the private capital and VC markets ecosystem.
• Various Fintech CompaniescoreOEM/ Whitelabel/ Licensing PartnerPiermont Bank is identified as a top partner bank for US fintechs, providing embedded banking, API banking, and BaaS infrastructure. Powers financial services for fintech platforms including deposit accounts, debit cards, ACH, wires, and lending.
• Baker McKenzieminorOthersReferenced in fund finance market growth projection: Baker McKenzie reported global fund finance market expected to grow from USD 1.2 trillion in 2024 to over USD 2.5 trillion by 2030.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Sutton Bank: Community bank serving as a sponsor bank for fintechs (e.g., Chime-style programs). Highlighted alongside Piermont in coverage of embedded finance regulatory scrutiny, making it a benchmark for BaaS positioning and risk.
• Cross River Bank: State-chartered digital bank widely known as a top sponsor bank for fintechs, offering lending, payments, and BaaS infrastructure. Direct competitor for Piermont's embedded banking and fintech partnership pipeline.
• Coastal Community Bank: Community bank widely active as a sponsor bank for fintech deposit and prepaid programs. Direct competitor for Piermont's BaaS, embedded banking, and fintech program management business.
• Quontic Bank: Digital-first community bank offering online savings, checking, and lending products. Piermont's current CRO previously served as COO at Quontic; comparable digital-first, low-branch commercial banking model.
• Relay Financial: Digital business banking platform built for SMBs with checking, savings, and expense management. Targets the same fast-growing SMB persona as Piermont's Business Banking suite.
• Mercury: Digital business banking platform targeting startups and growing companies with checking, treasury, and credit products. Direct competitor for the high-growth SMB banking segment Piermont targets.
• Live Oak Bank: Digital-first commercial bank specializing in niche verticals (small business lending, government lending) with low physical branch footprint. Comparable in scale, digital model, and vertical-specialty lending approach.
• Grasshopper Bank: Digital-first commercial bank serving SMBs, fintechs, and venture-backed companies; offers embedded banking, SBA lending, and fund finance. Closely comparable on asset size, digital-first model, and BaaS focus - Piermont's new CCO also came from Grasshopper.
• Blue Ridge Bank: Community bank serving as sponsor bank for fintech lending and payments partnerships. Named alongside Piermont in third-party risk management enforcement coverage; both compete for BaaS and embedded finance clients.

Broad incumbents

• East West Bank: Established mid-sized commercial bank with strong SMB and cross-border franchise. Piermont's founder and CGO both held senior roles there, and it serves as a broader benchmark for the SME and Asian-American banking segments Piermont targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/piermontbank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Piermont Bank