Mainstreet Bank in Fairfax, Virginia, believes that cannabis can help his Avenu Banking-as-a-Service subsidiary in Galvananize.
After revealing in 2021, the Mainstreet of $ 2.2 billion asset praised his Avenu unit As a unique boss solution. Mainstreet operates Avenu without fintech partners of third parties. Mainstreet maintains a tight control over the ledger that registers daily transactions, together with customer identification and other critical regulation functions.
Although the compliance-oriented mentality has helped Mainstreet neatly bypass issues that are annoying. Other banks embedded financial companies completely pushes out of the space-market adoption has proven a different story. More than three years later, Avenu has one fully operational customer. While even more is improving through the pipeline, the Bottom-Line results have failed to be projections.
Mainstreet focused on 2024, since the year would surpass Avenu's $ 200 million in deposits and reach Breakeven. From December 31, Mainstreet reported $ 41 million to Avenu deposits. The costs continued to exceed the income in 2024, which resulted in a loss before tax of $ 3.6 million for the segment. After he had not achieved his goals, Last week Mainstreet announced that it would affect the value of Avenu's software and write it down for its current market value. The decision led to a $ 19.7 million fourth quarter and a loss of $ 16.2 million for the three months ending on December 31.
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