Sterling Bancorp (NYSE:STL) today announced it has made a strategic investment in Goalsetter, an innovative mobile banking company aimed at promoting financial literacy and empowerment amongst K-12 students. According to studies compiled by the U.S. Financial Literacy and Education Commission, only one third of adults can answer at least four of five financial literacy questions on fundamental concepts such as mortgages, interest rates, inflation and risk. Goalsetter proactively addresses these knowledge gaps through educational resources, budgeting tips, and planning tools that promote financial literacy and learning, while augmenting the experience with an FDIC insured deposit product and online and in-store spending through its Cashola™ debit card.
This investment marks an expansion of Sterling’s relationship with Goalsetter. Sterling will be providing services to Goalsetter through its Banking as a Service (“BaaS”) business and earlier this year provided funding and support for Goalsetter’s “Drafted” campaign, which aims to empower communities of color by promoting and supporting financial independence and literacy.
“We are thrilled to deepen our relationship with Goalsetter through this investment,” said Bea Ordonez, Chief Financial Officer of Sterling Bancorp. “Our partnership with Goalsetter is a paragon of the relationships we are building with innovative financial technology companies as we broaden our digital footprint and product set.”