Governor Ned Lamont and Connecticut Banking Commissioner Jorge Perez are welcoming Numisma Bank, a fintech global currency distributor, to Connecticut as the company is celebrating the grand opening of its world headquarters in Greenwich.
Numisma Bank received its innovation bank charter from the Connecticut Dept of Banking earlier this year.
The charter provides customized regulatory solutions to financial technology companies looking to grow in a competitive marketplace. It is ideal for companies with diverse business models that are engaged in a variety of financial activities and seek to integrate a banking function but whose business plan does not include taking retail deposits from individuals.
The charter provides a responsible, streamlined, and flexible regulatory approach allowing companies to operate across the U.S. It also provides a beneficial exemption to money services laws in many other states, reducing regulatory burden.
Numisma Bank is the first Connecticut state-chartered innovation bank to receive a Fed master account, which grants them access to the Federal Reserve System.
“Fintech innovators realize that Connecticut offers a competitive landscape for their companies to grow and thrive in our state,” Governor Lamont said in a release on Tuesday. “I am excited to welcome Numisma Bank to Connecticut’s business community. This launch represents another step forward for Connecticut as a leader in financial services, showcasing the state’s ability to foster a supportive business environment that attracts cutting-edge companies like Numisma Bank.”
“I would like to welcome our newest Connecticut state-chartered bank,” CT Banking Commissioner Perez said. “Connecticut’s innovations bank charter provides the necessary regulatory framework and guardrails while allowing the flexibility for companies to innovate in the fintech space. We wish Numisma success in its new home.”
“I’d like to thank Governor Lamont and Banking Commissioner Jorge Perez for their support,” Vivek Tyagi, CEO and co-founder of Numisma Bank, said. “The decision to charter the bank in Connecticut was influenced by the state’s business-friendly climate and access to a deep talent pool. The Connecticut Department of Banking has been a key partner in supporting Numisma Bank’s vision. We share its commitment to providing essential services in the global banking industry and are happy the department remains dedicated to offering comprehensive regulatory oversight while fostering an environment where innovative financial services can thrive.”
“The Connecticut Innovation Bank Charter and our direct access to the Federal Reserve System reflect the trust placed in Connecticut’s regulatory system and authority and in us,” Matthew Hurlock, chief administrative officer and co-founder of Numisma Bank, said. “We are committed to upholding that trust through rigorous compliance and operational excellence.”
“Numisma Bank’s choice to establish its global operations in Connecticut is further proof of our state’s exceptional value proposition for financial technology innovators,” Daniel O’Keefe, commissioner of the Connecticut Dept of Economic and Community Development, said. “We possess a winning combination of skilled workforce, a supportive business environment, and an innovative culture that attracts market disruptors, leading to new job opportunities and economic growth.”
“I am happy to welcome Numisma Bank as part of Greenwich’s thriving business community,” First Selectman Fred Camillo said. “Greenwich, along with the rest of southwestern Connecticut, is fast becoming a hub for financial innovation and we look forward to having Numisma as a partner in our community. We stand ready to assist companies looking to make Greenwich their home.”
Numisma Bank focuses exclusively on the distribution of U.S. dollar and foreign currency banknotes, a critical service that ensures the flow of physical currency for central banks and international financial institutions. In recent years, many traditional U.S. banks have exited this complex, low-margin business due to increased regulatory demands as well as an overall decline in cash usage.
Numisma is positioned to fill this gap by providing essential services to both the Federal Reserve and global monetary systems, ensuring resilience in these key markets. Numisma Bank is the only U.S. bank dedicated exclusively to this niche service.
The company’s cutting-edge, fully cloud-based financial infrastructure is designed to support the purchase and sale of physical banknotes on an international scale. With no retail customers or involvement in loans or investments, Numisma Bank focuses solely on delivering efficient and secure transactions for central banks and financial institutions globally.
Numisma Bank’s leadership team includes former senior executives from top global financial institutions such as Goldman Sachs, Morgan Stanley, and White & Case.