FinTech entrepreneurs acquire Colorado National Bank

Colorado National Bank has been acquired by FinTech and banking entrepreneur Mark Moskvin.

Joining Moskvin in the deal is his business partner Maxim Yaroshewsky, whom will hold a minority stake in the company. The pair have deployed an additional $2m to the bank’s capital pool to support its growth and stabilise its position in the market.

As part of the acquisition, Moskvin and Yaroshewsky will join Colorado National Bank’s board of directors.

Moskvin and Yaroshewsky are the joint owners of Latvian digital payments solution provider Transact Pro. The company offers a range of payment services including card issuing, payment gateways and risk management tools.

Clients care able to access IBAN accounts, SWIFT payments, SEPA payments, credit transactions, and P2P transfers.

Following the deal, the bank’s former president and chief credit officer John Sprengle will continue to serve in a senior management position for CNB and as a point of contact for customers,

Moskvin said, “I am excited to join the Colorado banking community. Today we finalized a two-year process to acquire a bank with over a century of history in its name.  Our knowledge and experience will help to build innovative new banking services for the bank that will transform it into a modern bank for the 21st century.”

Harpia Capital managing partner Frank Hegeman served as the financial advisor for the acquirers, while Hovde Group acted as the advisor to Colorado National Bank.

Copyright © 2018 FinTech Global

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