Quontic Bank
“Can a CDFI community bank use novelty digital products (Bitcoin rewards, Pay Ring) and third-party fintech infrastructure to fund mission-driven lending to non-traditional borrowers?”
Founded2009
HQAstoria, New York City, NY, United States
FoundersSteven Schnall
Total raised$21.1M
Latest roundGrant, $1.83M
IndustryBank / Community
The story
Quontic began as a troubled community bank acquired by Steven Schnall in 2009 and has repositioned as a CDFI-designated digital bank serving 'non-traditional' borrowers — self-employed, ITIN holders, immigrants, and gig workers. Its embedded-finance angle is thin: deposits fund community-development mortgages, and the retail brand differentiates through novelty products (Bitcoin rewards debit, wearable Pay Ring) built on FIS's card infrastructure and Alkami/MANTL's digital front end.
Product timeline
2009
Steven Schnall acquires Golden First Bank in Great Neck, NY and renames it Quontic Bank.· acquisition
2011
Quontic opens second branch in Astoria, Queens.· banking
2020
Launches Bitcoin Rewards Checking Account powered by FIS — first FDIC-insured bank with a Bitcoin rewards debit card.· card
2021
Wins FIS Impact Award for digital innovation.· banking
2023
Launches Quontic Pay Ring — wearable tap-to-pay device.· card
2026
Case study with Alkami + MANTL published on integrated digital banking + account opening.· banking
Acquisitions
Regulated entities
1
regulatory licence held by Quontic Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Quontic Bank’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Crypto
in the full report
Accounting gap: none
9 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.