Grounded Technologies to Bring Core Deposits to U.S. Community Banks with Support from BMO

Grounded built a deposit marketplace on next generation technology to help community banks markedly improve their asset and liabilities planning capabilities

NEW YORK--(BUSINESS WIRE)--Grounded Technologies ("Grounded"), a first-of-its-kind core deposit, loan, and CRA marketplace that works to provide regulated balance sheet growth to banks, today announced the launch of its flagship product with support from BMO.

Grounded operates a deposit marketplace and Chief Financial Officer operating system that equips financial institutions with a one-touch marketplace to access deposits, loans, and CRA credit. BMO has agreed to operate some of the products for Grounded, including the payment rails. Grounded is backed by BMO, Susquehanna Private Equity Investments, LLP, and others; raising $3.5M to date.

“We are thrilled to partner with BMO to help bring deposits to community banks," said Danae Vachata, CEO & Co-Founder of Grounded. "Community financial institutions play a vital role in our financial system, economy and communities – we’re going to market to provide community banks and credit unions innovative resources they need to grow, especially amid current market uncertainty.”

Grounded has quickly been embraced by banks of various sizes, currently with a waitlist to join the platform. The financial technology company works with U.S.-based banks ranging in size from $14 million to $2 trillion in assets.

Grounded is an alumni of BMO and 1871’s WMNfintech program, North America’s largest fintech industry program for women-founded and women-led start-ups. BMO’s support of Grounded is also an example of the bank’s commitment to the advancement of women, an inclusive society and elimination of barriers to inclusion.

“Our relationship with Grounded proves how powerful the WMNfintech ecosystem has become – its impactful solutions and benefits are being felt in both the financial services sector and society at large,” said Andrew Harrison, Head of U.S. Digital Partners at BMO. “Beyond supporting Grounded, bringing the company on as a customer as well has allowed us to diversify how our customers use BMO’s products and services – and will continue to enhance how we help them achieve real financial progress.”

Vachata added, “BMO and the WMNfintech program have been instrumental in the launch of Grounded and the success of our services.”

Dean Carlson of Susquehanna adds, "The small and mid-size banks are increasingly facing instability, and it's clear those community financial institutions lack the resources and tools they need to continue serving Americans. Grounded Technologies' purpose-built software tools provide those banks with the modern innovation they need to grow.

To learn more about Grounded, visit www.groundedft.com.

About Grounded Technologies

Grounded Technologies helps financial institutions grow for the betterment of the communities they serve. Grounded's deposit marketplace helps financial institutions of all sizes achieve regulated balance sheet growth, offering core and brokered deposits, loans, and CRA credit opportunities. Grounded is an advanced, trusted entity founded by a team of banking and technology veterans in partnership with BMO. Learn more at groundedft.com.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and more inclusive society.

Contacts

Grounded Technologies, Mo Osborne
grounded@bevelpr.com

BMO, Mridula Rajagopal
Mridula.rajagopal@bmo.com; 773-664-3680