Nexo Acquires Stake in Hulett Bancorp (Summit National Bank)
September 27, 2022
Nexo has acquired a minority stake in Hulett Bancorp (doing business as Mode Eleven) and its federally chartered subsidiary Summit National Bank, establishing Nexo as the bank's preferred digital-asset partner. The investment expands Nexo's U.S. footprint and enables it to offer bank accounts, lending, card products and custodial solutions through Summit National Bank while supporting the bank's transformation into a modern digital FinTech.
- Buyers
- Nexo
- Targets
- Hulett Bancorp (DBA Mode Eleven), Summit National Bank
- Industry
- Payments & Fintech
- Location
- United States
- Transaction Type
- Growth capital
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