The future of financial services is being built in Sioux Falls, thanks to forward-looking businesses like The Bancorp.
The Bancorp Bank NA, based in Sioux Falls, is a wholly owned subsidiary of The Bancorp Inc., which trades on Nasdaq as TBBK.
“Sioux Falls has a proud history of leading the way in the financial services industry, and businesses like The Bancorp ensure that’s going to be the case for our next generation of talent,” said Bob Mundt, president and CEO of the Sioux Falls Development Foundation.
“This company’s mix of innovative products and workforce-friendly culture makes it an outstanding fit for our community.”
Here’s a closer look at the business courtesy of executive vice president and chief operating officer Greg Garry and executive vice president and head of fintech solutions Ryan Harris.
Greg Garry
Ryan Harris
Business name: The Bancorp Bank NA
Year founded: 1999
Year operations began in Sioux Falls: BankFirst Payment Systems began operations in 2002 and was subsequently acquired by The Bancorp in 2007.
Total employees in the Sioux Falls area: 205 and growing!
CEO/lead executive in Sioux Falls: Greg Garry, EVP, chief operating officer; Ryan Harris, EVP, head of fintech solutions
How would you describe your organization to someone not familiar with it?
Garry: The Bancorp is a technology-forward fintech bank that powers many of the financial apps and payment products people use every day.
Modern financial products like mobile wallets, checking account and lending apps, prepaid cards or embedded payment experiences are built through partnerships between payments technology companies and regulated banks because the customer-facing technology alone isn’t enough to power those products — they need a real bank with scalable technology and risk management infrastructure. That’s where The Bancorp comes in.
Instead of operating like a traditional bank with branches offering deposit accounts, car loans and mortgages, we partner predominantly with fintech companies to enable their ideas to become real financial products, something we sum up in our new tagline, “Bold ideas, realized.”™
What are the top three reasons you continue to locate in the Sioux Falls area?
Harris: Sioux Falls has remained a strategic location for us for three key reasons. First, it’s where our business was founded in the early 2000s, and we continue to benefit from a strong base of experienced, legacy talent that has grown with us over time.
Second, both South Dakota and Sioux Falls offer a highly supportive and business-friendly environment, which enables us to operate efficiently and focus on long-term growth.
Third, we’ve been able to consistently attract dedicated, high-quality talent who appreciate the value of in-person collaboration and are motivated to solve meaningful challenges for our partners.
When you combine these factors with a cost structure that avoids many of the constraints associated with traditional financial hubs, Sioux Falls becomes not just an obvious choice but a deliberate competitive advantage for our business.
What are you most proud of within your business in the past year?
Garry: Along with continuing to deliver exemplary financial performance for our shareholders, this past January we introduced a refreshed brand that more clearly reflects our focus as a fintech-driven bank and the role we play in powering modern financial experiences. It wasn’t just a visual update — it was a meaningful step in clarifying our identity, strengthening how we show up in the market and positioning us for continued growth. We’re incredibly proud of how we brought our brand into alignment with both who we are today and where we’re going.
What do you see as the biggest challenge facing your business?
Garry: As the fintech landscape matures, the challenge is less about keeping up and more about leading through increased complexity in demand. We’re focused on continuing to scale thoughtfully, evolve our capabilities and set the standard for how innovation and strong governance can work together.
How would you describe the culture of your business in three words?
Harris: Dynamic. Engaged. Impactful.
Why does your business choose to invest in Forward Sioux Falls?
Harris: For me, this is both professional and personal. I grew up in the area, so investing in Forward Sioux Falls isn’t just about supporting economic development — it’s about contributing to a community we care about. I am unapologetically biased, but I believe Sioux Falls, and the Midwest at large, has a work ethic and talent base that is really second to none. Coupled with a collaborative business environment and a real sense of momentum and commitment to growth of the workforce, it really begs the question “Why wouldn’t we?”
Through Forward Sioux Falls, we’re able to play a small role in sustaining and accelerating that growth, helping attract talent, support local businesses and ensure this remains a place where companies like The Bancorp and the people who work here can continue to thrive.
What specific advantages or values have you found to partnering with Forward Sioux Falls and its programs?
Garry: Our partnership with Forward Sioux Falls is valuable because it connects us to a broader effort to grow and strengthen a market that’s important to our operations. As a national bank with a strong presence in the fintech ecosystem, access to a skilled, evolving talent base is critical, and Forward Sioux Falls plays a key role in supporting that. It also creates opportunities to collaborate with other business and community leaders who are equally focused on innovation and long-term growth. That alignment not only benefits Sioux Falls but also supports our ability to continue delivering value for our partners and shareholders.
What are your expectations for your business in the year ahead?
Harris: Looking ahead, we expect to build on the strong momentum in our fintech solutions team by deepening existing partnerships and bringing new, innovative products to market. As demand for embedded finance and modern payment experiences continues to accelerate, our focus will be on scaling our capabilities, investing in technology and maintaining the robust risk and compliance foundation that underpins everything we do.
This continued growth creates meaningful opportunities for both current and future employees. We remain committed to expanding our presence in Sioux Falls by attracting, developing and retaining the talent needed to support our long-term strategy.
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.