FNBO (First National Bank of Omaha)
“Can a 167-year-old privately held bank become the preferred licensed infrastructure layer behind next-generation embedded finance products — credit cards, BNPL, FX, and payments APIs — for fintechs and brands?”
Founded in 1857, FNBO is one of the largest privately held banks in the US, historically focused on consumer and commercial banking in the Midwest. Over the past five years, FNBO has repositioned as an embedded finance infrastructure provider — launching Credit Card-as-a-Service (Bend) via Marqeta, a BNPL/POS lending suite via Skeps, and FX/payments APIs via Derivative Path — acting as the licensed bank sponsor and program manager behind third-party brands and fintechs. This embedded-finance-as-a-bank strategy differentiates FNBO from both traditional community banks and pure-play BaaS fintechs by combining balance sheet, underwriting, and compliance with modern technology partnerships.