Exciting News! 🎉

Tribevest partners with Stripe and Evolve Bank and Trust to enhance your banking experience.

Announcement

We are excited to announce our partnership with Stripe and Evolve Bank and Trust! Stripe, is the technology company building economic infrastructure for the internet, and Evolve Bank and Trust* is a trusted financial institution since 1925 and a banking as a service leader who works with over 400 fintech companies and has over $12B in assets under management.

This collaboration will bring enhanced security, consistency, and features to your banking experience with Tribevest, while you continue to enjoy the same convenience you're accustomed to.

Business Accounts - create accounts in minutes with peace of mind with built in ID verification, KYC checks, sanctions screening, and MATCH list checks.
Store Funds - FDIC-pass through eligible** and earn yield
Move Money - Send domestic wires, ACH and mobile check deposit for easy money movement
Attach Payment Cards - Physical and virtual cards with physical cards shipped in two business days, dynamic spend controls, and access funds at ATMs

What this Means for Tribevest Customers

Tribevest remains committed to providing you with exceptional service and upgrading our offerings with industry leaders like Stripe and Evolve Bank and Trust. We are confident this partnership will significantly enhance your experience with us.

All Tribevest accounts moving forward will be held with Evolve Bank and Trust and payment cards will be issued by Celtic Bank. We are sunsetting our relationship with Blue Ridge Bank N.A. and you will be required to take action if you have the following accounts with us:

Tribe Business Account Holders - will need to complete a series of steps to ensure your funds are transferred from Blue Ridge Bank N.A. to Evolve Bank and Trust.
Wallet Holders - we are sunsetting individual accounts and all customers that have Wallets with funding in them will need to zero out their account.

We will be in touch with next steps of action required from you to smoothly transfer your funds to your new account with limited disruption to your business transactions.

Thank you for being a Tribevest customer and we look forward to a successful and enhanced partnership with Stripe and Evolve Bank and Trust!

Here for you,
The Tribevest Team

* Tribevest partners with Stripe Payments Company for money transmission services and account services with funds held at Evolve Bank & Trust, Member FDIC. Celtic Bank Visa® Commercial Credit cards are issued by Celtic Bank.

** The accounts are eligible only to the extent pass-through insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. The FDIC insurance applies up to 250,000 USD per depositor, per financial institution, for deposits held in the same type of account, such as a business versus a personal account . Stripe is not a federally insured deposit institution. FDIC insurance applies only in the event of the failure of an FDIC-insured bank.

Tribe Business Account Holders

Please complete the following actions to migrate your Tribe business account by July 31 (extended to August 12). It should only take a few minutes of your time.

Login to Tribevest
Click into the Tribe that you need to migrate the business account for
A pop-up window will appear with the following two items to checkmark:
1. Give Tribevest Authorization to approve entity(ies) information sharing from our Current bank (Blue Ridge Bank, NA) with our new bank through Stripe (Evolve Bank & Trust, NA).
2. Additionally, we will be asking for you to approve, upon creation of the new bank account, an ACH/Wire transfer of all funds currently in the Blue Ridge Bank account, and any residuals (like interest) that accrue after initial transfer. If you have a $0.00 balance in your account you will not see this checkbox.
Submit. This may take upwards of 30 seconds as we are opening the new account in the background.

Once your new Tribe account is created, Tribevest will move your funds via ACH and they may take 3-5 business days to land in your new Tribe account. Your funds will not be available while the transfer is in progress. If you need access to your funds for business transactions before July 31, please reach out to us immediately.

We will be in touch if any additional information is needed once you’ve performed the above actions.

Please view our step-by-step guide with frequently asked questions should you need additional information.

Wallet Holders

If you currently have funds in your Tribevest Wallet, Tribevest will not be distributing any funds from your investments into the Wallet moving forward (will be sent to linked bank account), but as you do have a balance, you will need to take action on your Wallet. No functionality related to your Tribe's business account will change as a result of the transition.

Your key takeaways:

No further distributions will be deposited into Wallet. Distributions will be made to Payout Account / Linked Bank account.
Please ensure your Payout Account / Linked Bank account is active

Withdraw your current Wallet balance as soon as possible to Linked bank account, or at the latest by July 31, 2024.

Bank will close Wallet account on July 31, 2024.
Any amounts left in wallet, including residual interest, after July 31, 2024 will be distributed via check to your address on record.

Video: Where to find your Payout / Linked Bank account to update, if needed and Withdraw Wallet Funds

Contributions

Important Changes to Capital Contributions: Historically, Tribevest members have enjoyed multiple methods to contribute capital, including wiring funds, initiating ACH pulls from the Tribevest account, or pushing funds via ACH from an external account.

With our new banking system, ACH pulls initiated from Tribevest accounts will no longer be available. Going forward, all capital contributions must be initiated through a wire or ACH push from your external bank account.

Why This Change? The primary reason for this adjustment is the safety and security of our clients. The industry has seen a rise in ACH fraud, and we are proactively eliminating this risk to ensure the protection of your funds and financial information.

All contributions will stop on Friday, June 21 as we prepare for the transition to Evolve Bank & Trust. If anything lands in your Blue Ridge Bank N.A. Tribe account after June 30, we will transfer the funds to the new Tribe account with Stripe/Evolve Bank & Trust.

We understand that this may be an inconvenience for some of our Tribe members, and we sincerely apologize for any disruption this may cause. To assist you, we have prepared a resource guide detailing the new methods for making capital contributions.

Thank you for your understanding and cooperation as we enhance the security and efficiency of our services.

Frequently Asked Questions

Tell me more about Stripe as a company.

Stripe is a technology company that builds economic infrastructure for the internet.

Stripe started by making it easier for online businesses to accept payments, but their current opportunity is much broader. They help people start, run, and grow their businesses online.

Think of Stripe’s products in three broad categories:

1. Global Payments - At the heart of Stripe is their Global Payments and Treasury Network, which is the infrastructure for moving, storing, and managing money. On top of that infrastructure, they have built, and continue to build, a number of products to make their users’ lives easier.

2. Embedded Payments and Finance - As online businesses seek more ways to expand their value to customers, Stripe helps their users access and distribute financial services by providing the modular components needed to build full-featured, scalable services, like loans, treasury accounts, and credit cards.

3. Revenue and Finance Automation (RFA) - Finally, Stripe builds software that helps companies of all sizes manage their businesses online. Their tools can help businesses calculate taxes, set up recurring revenue plans, and answer revenue data questions.

Tell me more about Evolve Bank & Trust.

Evolve Bank and Trust has been a trusted financial institution since 1925; bringing nearly a century of banking expertise to our partnership.

They have grown from $2.65B in 2020 to over $12B in 2022, showcasing their capability and reliability in managing significant assets.

Evolve Bank & Trust is a recognized leader in providing banking as a service solutions, partnering with over 400 fintech companies to deliver cutting-edge financial services.

Can you tell me more about Stripe's BaaS offering?

Stripe's banking as a service (BaaS) offering enables organizations, like Tribevest, to build commercial financial services directly into their products. This includes money storage accounts, expense cards, and financing. Stripes product offering includes Stripe Capital, Issuing, and Treasury.

Stripe is the only BaaS provider that can partner with their customers on the entire money movement journey. They are processing $5B every month and work with users of every size and industry from early-stage startups to global billion-dollar businesses.

How big is Stripe?

Stripe is processing billions of dollars every month and works with users of every size and industry. For BaaS, Stripe has a large team spanning Issuing, Treasury, and Capital, and benefit from Stripe scale across all cross-functional teams (e.g. compliance, legal, marketing) and common infrastructure.

What kind of customers does Stripe have?

Stripe processes $5B every month and work with users of every size and industry.

Some of their customers include:

Software platforms like Shopify and Housecall Pro
Expense management companies like Ramp and Emburse
Online travel agencies like Navan
On-demand marketplaces like Shipt
Buy Now Pay Laters like Klarna
Fleet companies like AtoB and Coast

How is Stripe BaaS different from other providers?

Stripe BaaS has two key differentiators.

1. Stripe is the only BaaS provider that can partner with its customers across the entire money movement journey. This streamlines funds flow and simplifies interoperability for its users, creating compounding efficiencies across acquiring, holding, financing, and spending.

2. Stripe's product structure is unique. Tribevest is Stripe's direct customer, not the bank's. Stripe works with banks on behalf of its customers, and they have a network of strong, long-standing relationships, like Evolve Bank and Trust, across their business.

What is Stripe's perspective on the latest regulatory and compliance actions happening in BaaS? How is Stripe responding?

Stripe hopes the fintechs and founders that have been impacted can find a solution that suits their needs and allows them to focus on growth and product differentiators rather than stability.

Stripe has built their compliance program with a long-term perspective because they are also a regulated financial partner, so the stakes are even higher. Unlike other BaaS providers, Stripe is accountable to implementing their own KYC/KYB, AML, and Financial Crime compliance programs, which will be at Tribevest's disposal for all of our customers.

What is happening to my Tribe business account?

Your Tribe business account will need to be migrated from Blue Ridge Bank N.A. to Evolve Bank and Trust. How you access your account through the Tribevest platform will remain the same.

You will receive clear instructions from Tribevest of what you need to do to accept the Stripe terms and conditions, open your new account, and authorize Tribevest to move your funds to the new account.

The transition will be easy and seamless and should have minimal disruption to your business transactions.

Why are Wallets going away?

If you are a Wallet holder, we are no longer supporting individual accounts with the transition to Stripe and Evolve Bank and Trust.

Wallets will need to have funds withdrawn by June 30 or a physical check will be sent with the account balance to the address Tribevest has on file.