Alpha Business Bank readying to take on American SMEs
A new US-based challenger bank is in the works, under the name of Alpha Business Bank – needless to say, it’s a bank aiming to serve small businesses.
The bank says it is solving the pain of two massive market problems:
“[Firstly,] US mega-banks do not understand small businesses and [secondly,] small business owners go into business to do what they love, but usually fail due to financial trouble.”
The bank was founded by Jacob Schuler, and is headquartered in Spokane, Washington.
Alpha Business Bank says it will differentiate from other fintech start-ups in the SME space by gaining its own charter (banking licence) and FDIC insurance to provide full stack services to its members.
Although the challenger market is not as large as in the UK, there’s still a decent-sized list of contenders. Have a look here!
In the US, Endeavor Bank is another SME-focused challenger.