PEARL RIVER, N.Y., Jan. 11, 2022 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL) ("Sterling"), today announced an investment in JAM FINTOP Blockchain, LP (the "fund"), a venture fund that will focus its investments on blockchain infrastructure providers that help regulated financial institutions compliantly adopt and operate blockchain enabled applications in their business. The fund is managed by JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, LLC (JAM), and FINTOP Capital.
Sterling is one of a group of Strategic Lead Investors in the fund which includes Figure Technologies, Inc. and Piper Sandler Companies and will sit on the JAM FINTOP Blockchain Committee. Sterling's investment in the fund is the latest in a series of investments in the financial technology space, both through targeted investments in early stage fintech companies and through investments in funds that are focused on allocating capital to disruptive technology providers to the bank sector.
"We are excited to invest in the JAM FINTOP Blockchain fund. Blockchain has the potential to transform the financial system and we are actively exploring specific use cases that align to our long term strategic priorities and advance our innovation agenda," said Bea Ordonez, Chief Financial Officer at Sterling Bancorp. "Partnering with the JAM FINTOP Network provides us an opportunity to collaborate with other forward thinking institutions, to become early adopters of this disruptive technology and to invest in companies that are providing solutions that drive transformation in the banking sector."
About Sterling Bancorp:
Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp website at www.sterlingbancorp.com.
About JAM FINTOP:
JAM FINTOP is a joint venture between JAM Special Opportunity Ventures ("JSOV"), an affiliate of Jacobs Asset Management ("JAM"), and FINTOP Capital. The partnership brings together bank experts and seasoned fintech entrepreneurs to invest in companies changing the way financial institutions and their customers move, track, and interact with money. JAM has a 26-year history investing in public and private community banks, and FINTOP Capital is a leading fintech investor with over 140 years of collective experience. JAM and JSOV are not affiliated with FINTOP Capital.
JAM FINTOP Banktech raised $150 million in April 2021 to help accelerate technology adoption at community banks across the United States. JAM FINTOP's second fund, JAM FINTOP Blockchain, will invest in the plumbing and infrastructure necessary for regulated financial institutions to operate blockchain technology and businesses in areas such as lending, payments and exchanges. For more information, visit www.jamfintop.com.
Sterling Bancorp
Emlen Harmon, SVP – Director of Investor Relations
[email protected]
212-309-7646
