Wendy Cai-Lee launched Piermont bank in 2019 with a goal of helping entrepreneurs access financial services through a digital platform.
"I remember setting out to build a bank that we hoped to see in the world, and three years later we grew to more than $420 million in total assets," said Cai-Lee, who is both founder and CEO of Piermont.
Today the digital bank serves more than 50,000 fintech end customers — largely small businesses, solo practitioners and gig economy workers — offering online commercial, personal and business banking services. In 2021, the bank saw 122% asset growth, 137% deposit growth and a 91.5% growth in client relationships. These accomplishments are all the more impressive considering that Piermont Bank debuted just before the COVID-19 pandemic hit.
"It was no easy task to build and manage a new digital bank through a global pandemic," said Cai-Lee. But, she added, "The team adapted to the changes around us with speed and built a bank that is relevant for today and future generations of entrepreneurs."
Not only is Piermont led by a female CEO but also has a woman, Julia Gouw, as board chair. Cai-Lee notes that a woman-founded and woman-led bank like Piermont would have been unheard of at the start of her career. "Woman leadership has affected how we built our board, our management and our team," she said. "As a result, we are more diverse in our people, more creative in problem solving, more multidimensional in critical thinking."
Cai-Lee said this kind of diversity has also made it easier to provide equitable financing; over 50% of lending at Piermont is to women- and minority-owned businesses.
Outside of work, Cai-Lee is a member of the New York State Committee for the Advancement of Women in Leadership in Financial Services, leading its fintech task force. She is also an emeritus member of the board of trustees of Friends of UNFPA (the United Nations Population Fund), the largest nonprofit organization focused on supporting women and girls across the globe.
