Pathward Financial Inc. Builds on Recent Momentum, Progress Toward Enhancing Financial Inclusion

08/17/2023

Pathward Financial, Inc. (“Pathward Financial” or the “Company”) (Nasdaq: CASH), a U.S.-based financial holding company driven by its purpose to power financial inclusion, today commemorates the conclusion of a transformative 12-months, which has been marked by a series of pivotal business developments.

In October 2022, the company and its subsidiary, Pathward®, N.A., celebrated the official launch of its new name and brand identity, Pathward. Marked by a new look and feel, the updated branding aims to underscore the organization’s commitment to helping the unbanked, underbanked, and underserved achieve financial mobility.

In the months that followed the unveiling of its new brand, Pathward became a Certified™ Great Place to Work® and announced a series of strategic partnerships. This includes multiple collaborations forged recently, all aimed at helping the company achieve its purpose of providing financial access and opportunity to individuals and businesses alike.

Beginning in May, Pathward announced a partnership with Finix, which launched as a payments processor directly connected to all major U.S. card networks. The alliance will enable Pathward to help more businesses streamline their payments operations.

In June, Pathward partnered with Propel Holdings Inc., a fintech company, to launch a new flexible, inclusive line of credit for credit-challenged consumers.

In the weeks that followed, Viridi Energy, a renewable natural gas (RNG) platform, and American Organic Energy – two organizations jointly committed to developing one of the largest food waste-to-RNG projects in the United States – announced a funding partnership with Pathward. According to the companies, the project is expected to convert 210,000 tons of waste per year into clean energy and agriculture projects.

Additionally, Pathward announced a funding partnership with Avolta, a renewable natural gas developer, that led to the building of facilities at two dairy farms in Arizona that turn cow manure into RNG. According to Avolta, these two facilities convert the waste to RNG from more than 60,000 cows, reducing carbon emissions equivalent to removing 8,000 cars from the road each year while also eliminating the consumption of 4 million gallons of fresh water per day.

Collaborations with Clair, a digital banking platform, will allow front-line workers to take free wage advances from Pathward, while receiving access to FDIC-insured Clair Spending and Savings Accounts. Likewise, a five-year extension of its partnership with Dash Solutions, a payments technology provider, will empower Pathward to roll-out a custom payout solution enabling consumers to use or move funds to other accounts they own.

“From day one, we have been laser focused on advancing our purpose of providing financial access to the underserved. These strategic partnerships will supercharge our ability to meet this critical need among individuals and businesses nationwide,” said Pathward Financial and Pathward CEO Brett Pharr. “This focus and determination have created an organization with a stable deposit base, a Commercial Finance portfolio that is equipped to lend in any macroeconomic environment, and a strong liquidity profile, allowing the Company to generate strong results for our shareholders despite recent market trends.”

Beyond helping to advance Pathward’s purpose of advancing financial inclusion, these recent developments will serve to help the company achieve its broader environmental, social and governance (ESG) goals outlined in Pathward’s 2022 ESG Report.

“We couldn’t be more energized by the momentum behind Pathward as we head into the end of the fiscal year. We look forward to building on the progress that we have achieved as we continue to power growth for our core business lines,” noted Pathward Financial and Pathward President Anthony Sharett.

The company will celebrate its achievements over the last 12 months by ringing the closing bell at the NASDAQ MarketSite on Thursday, Aug. 24, at 4 p.m. EDT.

For more information about Pathward, please visit Pathward.com.

About Pathward Financial, Inc.

Pathward Financial, Inc. (Nasdaq: CASH) is a U.S.-based financial holding company driven by its purpose to power financial inclusion. Through our subsidiary, Pathward®, N.A., we strive to increase financial availability, choice and opportunity across our Banking as a Service and Commercial Finance business lines. These strategic business lines provide end-to-end support to individuals and businesses. Learn more at PathwardFinancial.com.

Investor Relations Contact
Darby Schoenfeld, CPA
SVP, Investor Relations
877-497-7497
investorrelations@pathward.com

Pathward Media Relations Contact:
Courtney Heidelberg
605-291-7044
mediarelations@pathward.com

Source: Pathward Financial, Inc.