Central Payments

About Central Payments

Central Payments operates as a Banking-as-a-Service (BaaS) provider, specializing in payments technology and issuing solutions for fintech companies and embedded finance platforms. The company was established in 2014 by Trent Sorbe, a seasoned financial services professional with extensive experience as a regulator at the FDIC and in developing card products at several national issuers. Sorbe, who holds 14 patents related to consumer financial services, founded the company in partnership with Central Bank of Kansas City (CBKC), a Community Development Financial Institution (CDFI), with an initial focus on serving underbanked consumers with products like prepaid and payroll cards.

Originally the payments division of CBKC, Central Payments functions as the technology and innovation arm of the bank. This structure allows it to combine the stability and regulatory compliance of a chartered bank with the agility of a technology firm. In August 2022, the company completed a significant milestone by raising $30 million in a growth equity round led by Castle Creek Capital and Launchpad Capital, which facilitated its spin-out from CBKC into a standalone LLC. CBKC remains an investor and strategic partner, ensuring continuity. This move was designed to allow Central Payments to expand and create a two-sided marketplace serving both non-bank brands and other banks.

The core of Central Payments' offering is its proprietary Open*CP Fintech API Marketplace. This platform provides clients with a single point of integration to the entire payments ecosystem, simplifying the complex process of launching financial products. It handles program management, regulatory compliance, and operational oversight, allowing partners to focus on their customer experience and brand. The business model serves two primary client types: early-stage fintech startups seeking to launch new products and established companies looking to embed financial components, like payments or accounts, into their existing services. A key initiative is the Falls Fintech accelerator program, launched in 2019. This 10-week program is designed to prepare early-stage fintech companies for market entry, providing them with curriculum on compliance, venture capital, and technology, culminating in a bank partnership and access to the Open*CP ecosystem.