MVB Financial has acquired a fintech consulting firm Chartwell Compliance for an undisclosed amount.

Headquartered in Bethesda of Maryland, Chartwell Compliance will now operate independently as a wholly-owned subsidiary of MVB Bank.

MVB Financial president and CEO Larry F. Mazza said: “With our shared vision of the future of financial services, respect for compliance, regulation, safety and soundness and belief in doing the right things, MVB Bank and Chartwell Compliance are a perfect fit as trusted partners.

“With this synergy, our relationship will bring new ‘blue ocean’ opportunities for both MVB and Chartwell.

“Additionally, with Chartwell we have turned a traditional banking cost centre into a profit centre that will benefit MVB, our clients and our shareholders.”

The acquired firm provides integrated regulatory compliance, financial crimes prevention, state licensing and enterprise risk management services.

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Chartwell’s clientele includes fintech banks, money services businesses, venture capital firms and payment processors among others.

As a MVB Bank-subsidiary, Chartwell will also continue to serve its clients across the US with further plans to expand its footprint.

It will also support MVB Bank in carrying out due diligence activities of new clients.

Chartwell Compliance president and CEO Daniel Weiss said: “Through this win-win acquisition, MVB Bank and its clients get a fully-baked compliance solution and one of the world’s best-known Fintech compliance houses, while Chartwell Compliance and its clients get a mature financial institution specialised in Fintech.”