GREENWICH – A private bank known as a fintech global currency distributor of U.S. banknotes backed by former Fed Vice Chair for Supervision Randal Quarles has opened its world headquarters at 1 Sound Shore Drive.
The fintech bank, which is uninsured, received its innovation bank charter from the Connecticut Department of Banking earlier this year. The charter provides customized regulatory solutions to financial technology companies looking to grow in a competitive marketplace, according to a release from Gov. Ned Lamont.
Numisma Bank is the first Connecticut state-chartered innovation bank to receive a Fed master account, which grants them access to the Federal Reserve System. Quarles’ private equity firm, Cynosure Group, is a part-owner of the bank, according to Cross River Intelligence.
“It is ideal for companies with diverse business models that are engaged in a variety of financial activities and seek to integrate a banking function but whose business plan does not include taking retail deposits from individuals,” Lamont said in a prepared statement just prior to the bank’s grand opening Tuesday morning.
Lamont and state Banking Commissioner Jorge Perez welcomed Numisma Bank to Connecticut.
“Fintech innovators realize that Connecticut offers a competitive landscape for their companies to grow and thrive in our state,” Lamont said. “This launch represents another step forward for Connecticut as a leader in financial services, showcasing the state’s ability to foster a supportive business environment that attracts cutting-edge companies like Numisma Bank.”
Perez mirrored the governor’s exuberance about Numisma’s announcement.
“I would like to welcome our newest Connecticut state-chartered bank,” Perez said. “Connecticut’s innovations bank charter provides the necessary regulatory framework and guardrails while allowing the flexibility for companies to innovate in the fintech space. We wish Numisma success in its new home.”
Numsima CEO and co-founder Vivek Tyagi was happy to have such a partner in the State of Connecticut.
“The decision to charter the bank in Connecticut was influenced by the state’s business-friendly climate and access to a deep talent pool,” Tyagi said. “The Connecticut Department of Banking has been a key partner in supporting Numisma Bank’s vision. We share its commitment to providing essential services in the global banking industry and are happy the department remains dedicated to offering comprehensive regulatory oversight while fostering an environment where innovative financial services can thrive.”
Matthew Hurlock, chief administrative officer and co-founder of the bank, focused on the awarding of the charter to his prescient financial institution that started in 2022.
“The Connecticut Innovation Bank Charter and our direct access to the Federal Reserve System reflect the trust placed in Connecticut’s regulatory system and authority and in us,” Hurlock said at the grand opening. “We are committed to upholding that trust through rigorous compliance and operational excellence.”
First Selectman Fred Camillo believes Numisma’s arrival on the Greenwich business scene is indicative of the town’s direction in its importance to the fintech space.
“I am happy to welcome Numisma Bank as part of Greenwich’s thriving business community,” Camillo said. “Greenwich, along with the rest of southwestern Connecticut, is fast becoming a hub for financial innovation and we look forward to having Numisma as a partner in our community. We stand ready to assist companies looking to make Greenwich their home.”
Numisma Bank’s leadership team includes former senior executives from top global financial institutions such as Goldman Sachs, Morgan Stanley, and White & Case.
