With a mission of financial inclusion, Pathward is redefining what banking services can look like for consumers and businesses alike.
The company has grown from a local community bank into a fintech powerhouse, while continuing to be based in Sioux Falls and advancing its operation here.
Pathward employees gathered from across the country for the company’s first Dare To Be Great Summit in March. The company also celebrated its third consecutive year as a Certified™ Great Place To Work.®
“Fintech is a key industry for Sioux Falls, and we’re fortunate that an industry leader in Pathward has continued to evolve within our business community,” said Bob Mundt, president and CEO of the Sioux Falls Development Foundation.
“This is a mission-focused tech company providing exciting career opportunities in our region and valuable services to customers.”
Here’s a closer look at the business, courtesy of Beth Ormseth, senior vice president, strategic business operations.
Business name: Pathward NA
Year founded: 1954 as Storm Lake Savings and Loan Association
Year operations began in Sioux Falls: 2000
Total employees in the Sioux Falls area: 357
CEO/lead executive in Sioux Falls: We have numerous senior-level leaders in Sioux Falls of which a subset has been identified to be part of the local leadership team.
How would you describe your organization to someone not familiar with it?
Inspired by our purpose to power financial inclusion, Pathward is a nontraditional bank. We have roots in community banking in the Midwest but have evolved our business model to meet the changing needs of the public, with a focus on underserved and emerging markets. We’re a nationally chartered bank that aims to increase financial availability, choice and opportunity for individuals and small and medium-sized businesses alike.
What are the top three reasons you continue to locate in the Sioux Falls area?
- Business climate: While we no longer have retail bank locations in the area, we have a long history in Sioux Falls, which along with the state of South Dakota offers a positive business climate for businesses, including banks.
- Talent: While we have a talent-anywhere strategy, Pathward maintains an office location in Sioux Falls, and we have a large employee presence in the area. The area is rich with talent, and we expect it to become an even greater talent pool with the Augustana University Fintech Program by Pathward.
- Community: We love Sioux Falls and the community and are engaged with multiple community organizations and nonprofits. Our corporate office and employees give back to the community through our time, talents and financial contributions. You can view a map with many of our local partners who help facilitate economic mobility mentioned on our website at pathward.com/about-us/sustainability.
What are you most proud of within your business in the past year?
We have a lot of reasons to be proud. Pathward was certified as a “Great Place to Work” for the third year in a row in March, and over the past year we remained steadfast in our talent-anywhere approach, announced new partnerships and extended others, celebrated employee and company achievements, rebranded our Partner Solutions team and stayed true to our commitment to excellence in strategy and execution.
Pathward periodically hosts patio parties at its office locations for employees to connect and unwind.
Through innovation, we have created greater financial inclusion and access while enabling our partners to thrive. Our recently published 2024 Sustainability Report provides an in-depth look at many of our successes over the past year. You can review the report from our website at pathward.com/about-us/sustainability.
What do you see as the biggest challenge facing your business?
Balancing innovation, technology advancements and growth with safety and soundness of being a bank.
How would you describe the culture of your business in three words?
Humble, hungry, smart.
Why does your business choose to invest in Forward Sioux Falls?
Pathward’s headquarters have been in Sioux Falls for more than two decades, and investing in the Sioux Falls workforce illustrates our commitment to developing local talent and to the betterment of the community. As a company focused on empowering people and businesses through financial inclusion, we are invested in the community.
Some of the organizations in the area that we support include:
- Embe
- Forward Sioux Falls
- Habitat for Humanity of Greater Sioux Falls
- Helpline Center
- Junior Achievement of South Dakota
- Lunch Is Served
- St. Francis House
- Veterans Community Project
- Active Generations
- Bishop Dudley Hospitality House
Pathward employees volunteer at Feeding South Dakota in Sioux Falls during Volunteer Week 2025. Full-time employees can take up to two days — 16 working hours — of paid volunteer time off each year.
What specific advantages or values have you found to partnering with Forward Sioux Falls and its programs?
We believe the organization does a great job of promoting economic development opportunities in Sioux Falls, and we value the connection to the business community and the community at large while leveraging leadership development opportunities.
What are your expectations for your business in the year ahead?
In 2024, we laid out operating norms that define how we work together, make decisions, design solutions, execute and define success. Building on this strong foundation, we are optimistic about our path forward as we continue to expand financial access for more people and businesses through our Partner Solutions, commercial and consumer lending, and Professional Tax Solutions.
Forward Sioux Falls is a joint venture between the Greater Sioux Falls Chamber of Commerce and the Sioux Falls Development Foundation and is widely respected as the premier economic driver for the Sioux Falls region. To learn more and connect, click here.