VALT
“Can a founding team of ex-U.S. Bank operators build a de novo national bank purpose-built for digitally native SMBs in an era of community-bank consolidation?”
Founded2023
HQEagle, Idaho, United States
FoundersMatthew Gediman, John Elmore, Ross Carey
IndustryFintech / SMB banking
The story
VALT Bank is a pre-launch de novo national bank chartered by former U.S. Bank veterans, targeting 'digitally demanding' small and midsize businesses with lending, deposits, cash management and advisory tools. It received OCC preliminary conditional approval in March 2026 and is currently in-organization — no operational stack exists publicly yet. The company must raise $25M and open for business within 18 months of the approval.
Last 12 months
Product timeline
2023
Founded by ex-U.S. Bank executives Matthew Gediman, John Elmore, and Ross Carey to build a digital-first business bank· pivot
2025
Filed de novo national bank charter application with the OCC and FDIC, headquartered in Eagle, Idaho· banking
2026
Received OCC preliminary conditional approval on March 13, 2026, with 12 months to raise $25M in initial paid-in capital and 18 months to launch· banking
2026
Applied to charter VALT Bank, National Association — national bank (OCC, Eagle, ID); conditional approval — Corporate Decision 1368 2026-03-13. [charter]· banking
Regulated entities
1
regulatory licence held by VALT
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Bank charter application
VALT Bank, National AssociationConditional approval
National bank · OCC · Eagle, ID · filed 2025-11
Conditional approval · Corporate Decision 1368 · 2026-03-13
Digital business bank for SMBs — credit, deposits, treasury.
Source · OCC decision letter
The stack
2 layers disclosed in VALT’s embedded-finance stack
Banking / BaaS
Valt Bank, National Association (in-house)
Lending
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.