The Stripe for regulated banking infrastructure.

The 'Intel Inside' for many fintech and payment companies.

Like a B2B version of Green Dot, providing white-label banking and card issuing services.

• Banking-as-a-Service (BaaS) Platform: Provides white-label banking infrastructure, including deposit accounts, payment processing, and card programs, for fintech companies and other businesses.
• Commercial Lending: Offers various loan products to businesses, such as commercial real estate loans, lines of credit, and equipment financing.
• Commercial Deposit Services: Provides business checking, savings, and money market accounts for commercial clients.

The Bancorp (TBBK) primarily sells its services to other companies. According to its public filings, no single customer accounts for more than 10% of its consolidated gross revenues, meaning there are no individually identifiable "major customer companies" that can be named from public disclosures. Instead, The Bancorp serves a diverse range of business customers, which can be categorized as follows:

1. FinTech Companies and Neobanks: These are technology-driven financial companies that leverage The Bancorp's regulated banking infrastructure and services (such as checking and savings accounts, payment processing, and card issuance) to offer their own branded digital banking products to their end-users.
2. Program Managers for Prepaid and Debit Card Solutions: Businesses that develop and manage branded prepaid or debit card programs for various purposes (e.g., general-purpose reloadable cards, payroll cards, corporate expense cards), utilizing The Bancorp as the FDIC-insured issuing bank.
3. Small Businesses and Commercial Enterprises: The Bancorp's Commercial Lending division directly provides small business loans, equipment finance, and leases to a variety of small to mid-sized businesses.

• Fidelity National Information Services (FIS)
• KPMG LLP

Damian Kozlowski, Chief Executive Officer and President

Damian Kozlowski was appointed CEO of The Bancorp in May 2016. He previously served as Chief Executive Officer, President, and Director of Modern Bank, N.A. from 2010 to 2016. Before that, he was the Chairman and Chief Executive Officer of Alpha Capital Financial Group, Inc., which he founded, from 2007 to 2010. From 2000 to 2007, Kozlowski developed the global growth strategy for The Citigroup Private Bank, where he managed 4500 employees across 98 offices in 31 countries. His roles at Citigroup included CEO Global Private Bank, President US Private Bank, COO and CFO, and Global Head of Business Development and Strategy. His earlier career also includes positions at Banc of America Securities, Marakon Associates, Rostra Holdings, and US Trust, providing him with expertise in private equity, wealth management, and investment banking.

Dominic C. Canuso, Executive Vice President, Chief Financial Officer

Dominic C. Canuso was appointed Chief Financial Officer of The Bancorp effective November 3, 2025. He brings over 25 years of experience in financial services. Most recently, he held the position of Chief Financial Officer at Capital Bank since July 2024. Prior to Capital Bank, Canuso served as Chief Financial Officer at WSFS Bank for seven years. His earlier career includes leadership roles at Barclays Bank Delaware and Advanta Bank Corporation. Canuso holds an Executive MBA and a B.S. in Business Administration from Villanova University and is a Chartered Financial Analyst.

Greg Garry, Executive Vice President, Chief Operating Officer

Greg Garry serves as Executive Vice President and Chief Operating Officer (COO) of The Bancorp. He has over a decade of experience in risk, audit, compliance, and operations within the financial services industry. As COO, he leads various key divisions including Operations, Financial Crimes Risk Management, Risk Management, Payments Risk/Operations, and Consumer Compliance. Garry and his teams have been instrumental in modernizing the Bank’s risk management, compliance, and financial crimes ecosystem to support leading fintech companies. He also previously served as the company's Chief Risk Officer (CRO) and Deputy Chief Operating Officer, and as Chief Audit Executive, where he played a significant role in remediating regulatory issues and transitioning the company to an in-house internal audit operation.

Erika Caesar, Executive Vice President, General Counsel

Erika Caesar serves as Executive Vice President, General Counsel of The Bancorp. She joined the Bank in October 2017 as Managing Director, Assistant General Counsel, providing counsel on legal, regulatory, strategic, and corporate governance matters. Caesar was also appointed Chief Diversity Officer, where she leads initiatives to advance the company's commitment to a diverse workforce and inclusive culture. Prior to joining The Bancorp, she practiced law at a national law firm, representing clients in corporate and commercial matters.

Mark Connolly, Executive Vice President, Head of Credit Markets

Mark Connolly is the Executive Vice President and Head of Credit Markets at The Bancorp. In this role, he oversees all credit activities across The Bancorp's business lines and discontinued operations, reporting directly to the CEO, Damian Kozlowski. Since joining the company, Connolly has managed the development of the Integrated Business Plan for The Bancorp. His previous experience includes several senior leadership and credit roles with Citi Private Bank and Morgan Stanley Private Bank.

• Increased adoption of digital wallets and alternative payment systems (e.g., P2P apps like Zelle, Venmo, Apple Pay, Google Pay) which could reduce reliance on traditional card-based solutions, threatening Bancorp's significant prepaid card issuance business.
• Growing regulatory scrutiny and potential for stricter oversight on Banking-as-a-Service (BaaS) models and bank-fintech partnerships. This evolving regulatory environment could lead to increased compliance costs, operational restrictions, or limitations on the types of activities permissible within BaaS, impacting Bancorp's strategic growth area.

The Bancorp (TBBK) offers a range of specialized financial services and technology-driven banking solutions primarily in the United States. Their main products and services for which addressable market sizes can be identified include prepaid cards, small business lending, and healthcare payment solutions.

• Prepaid Cards (U.S.): The U.S. prepaid card market was valued at approximately USD 1.76 trillion in 2024 and is projected to grow to around USD 10.62 trillion by 2034, demonstrating a compound annual growth rate (CAGR) of 19.69% from 2025 to 2034. Another estimate indicates the U.S. prepaid card market was valued at USD 542.26 billion in 2023 and is expected to reach USD 903.93 billion by 2028, with a CAGR of 10.5% from 2024 to 2028. Globally, the prepaid card market was valued at USD 3.53 trillion in 2023 and is anticipated to reach USD 11.39 trillion by 2030, with the United States accounting for over half of this global market.
• Small Business Lending (U.S.): The U.S. small business loan market was valued at USD 245.39 billion in 2023 and is projected to grow to USD 349.64 billion by 2033, with a CAGR of 3.4% from 2024 to 2033. A broader estimate for the total small business lending market in the U.S. was approximately USD 1.4 trillion in 2019, which may include various forms of credit such as personal loans and credit cards used by small businesses.
• Healthcare Digital Payments (U.S.): The U.S. healthcare digital payment market size was approximately USD 3.98 billion in 2024 and is projected to reach around USD 26.83 billion by 2034, growing at a CAGR of 21.02% from 2025 to 2034. This market growth is driven by increasing demand for digital payment methods from patients.

For other products and services offered by The Bancorp, such as commercial real estate bridge loans and vehicle fleet leasing and management, specific addressable market sizes were not identified in the provided information.

• Expanded Fintech Partnerships and New Program Implementations: Bancorp anticipates significant revenue growth from its expanding fintech ecosystem. A key driver is the five-year expansion of its relationship with Block, which includes debit and prepaid card issuance and related services for Cash App customers, with services expected to begin as early as the first quarter of 2026. This initiative, along with other new program implementations, is projected to enhance Gross Dollar Volume (GDV) and fee income.
• Growth in Credit Sponsorship Balances: The company's credit sponsorship balances have shown substantial progress, with expectations for increasing volumes due to new product enhancements and increased utilization. Bancorp forecasts balances in credit sponsorship to reach $1 billion by the end of 2025.
• Launch of the Embedded Finance Platform: Bancorp is actively developing an embedded finance platform with an expected launch in the upcoming year (2026). This new platform is anticipated to contribute to future revenue generation by offering new fintech services.
• Expansion of Specialized Lending Portfolios: Beyond its core fintech partnerships, Bancorp's specialized lending businesses, which include offerings such as SBLOCs (Securities-Backed Lines of Credit), IBLOCs (Insurance-Backed Lines of Credit), and REBLs (Real Estate Bridge Loans), continue to be a source of diversified income. The growth in loan balances within these portfolios is expected to contribute to overall revenue.

Share Repurchases

• The Bancorp's Board of Directors authorized an increase in the company's share repurchase program, allowing for up to $500 million in repurchases through the end of 2026. This authorization includes $300 million for the third and fourth quarters of 2025 and an additional $200 million for 2026.
• In the first quarter of 2025, Bancorp repurchased 753,898 shares at an average cost of $49.75 per share, resulting in a 6% year-over-year reduction in outstanding shares. The company also completed share buybacks totaling $225,000,000 for 7.45% of its shares.
• The share repurchase program is expected to be financed using available cash and by refinancing $100 million of maturing senior unsecured debt with $200 million in new senior unsecured debt.

Share Issuance

• The Bancorp, Inc. completed a $200.0 million senior notes offering with a 7.375% interest rate, maturing in 2030. The net proceeds from this offering were approximately $197.0 million before transaction expenses. The company intends to use these proceeds to redeem existing $100.0 million 4.75% Senior Notes due 2025, fund its share repurchase program, and for general corporate purposes.

Capital Expenditures

• Non-interest expense for The Bancorp increased due to expenses related to office and data center expansions.
• In the third quarter of 2025, noninterest expense increased by 6% compared to the third quarter of 2024, reaching $56.4 million.
• The company is investing $300,000 in its first AI-powered use case to reduce narrative writing in financial crimes risk management.