When Washington state–based Coastal Community Bank struck its first fintech partnership with Aspiration, a startup backed by Leonardo DiCaprio and Orlando Bloom, it ushered in a new era for the sleepy bank north of Seattle.
Starting with that agreement in 2017, Coastal quickly became one of the most prolific banking partners for fintech companies, striking deals with dozens of them. It would go on to power the lending, deposit and card services for disruptors such as Walmart-backed fintech One and equity management unicorn Carta.
But today, Coastal’s list of fintech clients is shrinking as they collapse one by one or Coastal severs ties with them. One of the startups it recently cut off came under fire from regulators months later for alleged fraud.
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