Pathward Financial, Inc. (NASDAQ: CASH) (“the company”) is a financial holding company headquartered in Sioux Falls, SD with primary subsidiary Pathward, N.A. (est. 1954) (“the bank”). The company has evolved into a branchless, nationally branded operation with a focus on payments services, banking-as-a-service (“BaaS”), and commercial finance lending activities, operating on a fiscal year that ends September 30.
As a leader within the BaaS space (this business line has been rebranded as Partner Solutions), CASH maintains an expansive network of prepaid card partnerships while also sponsoring a broad-network of non-bank ATMs nationally (~300,000 of freestanding ATMs nationwide as of F4Q24).
Commercial finance loans typically comprise +80% of total loans, with term lending representing the largest portion of commercial finance loans (47% at F4Q24). The remaining portion of commercial finance loans was relatively well-mixed with ABL, factoring,…
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