Liberty Bank to launch new digital bank for small businesses next year

Connecticut-based Liberty Bank is expecting to launch its own digital bank in Q1 2023, after being delayed over a year, Hartford Business reports.

Liberty Bank to launch its digital bank next year

The new digital bank will operate as a separate entity under Liberty Bank and will offer online banking services for small businesses throughout the US, Hartford Business adds.

Liberty Bank says the target market identified is businesses with less than $1 million in revenue and ten or fewer employees.

It aims to offer deposits and loans to businesses, along with expense management, invoicing and payment management solutions.

To ramp up its launch, Liberty Bank recently hired Harry Gunsallus as SVP, digital strategy officer and COO of digital banking, and Amy Apuzzo as VP and digital marketing manager.

In his new role, Gunsallus will oversee digital strategy, build and maintain fintech partnerships and develop a suite of products and services for the soon-to-be-launched digital bank.

Hartford Business adds that the new digital bank’s name will be revealed during a national marketing campaign, which is due to begin in January next year.

Founded in 1825, Liberty Bank is one of the oldest mutual savings banks in the US, managing more than $7.4 billion in assets, with 56 outlets in Connecticut and Massachusetts.