Calibo, a digital innovation company in Southfield, today launched bank313, a new lending platform in Detroit designed to offer consumers faster, more accessible loans and deposits.
Cited as Detroit’s first truly digital bank, through a strategic alliance with Calibo bank313 has engineered a Digital Lending Platform designed to “dramatically” improve loan approval times and enhance customer satisfaction.
With the ability to deliver approvals as fast as 24 hours for many loan types, bank313 is using “responsibly governed AI,” with compliance and human oversight built in.
The bank313 mission in alliance with Calibo seeks to address the traditional challenges that banks face in loan processing that can lead to lengthy approval times, cumbersome paperwork, and a risk-averse approach that slows down traditional banks, according to the companies.
“We are truly excited to open bank313 in Detroit to serve city and metro area business owners,” says Robert Farr, president and CEO of First State Bank in St. Clair Shores and bank313. “I have built several banks in my career but this one is very special and the technology we are deploying is new to the Motor City and our customers tell us they are really happy with the ease of use.”
Farr said the bank’s digital platform and online customer interaction tools are so unique that they may not open physical brick and mortar bank branches.
The new lending platform has a heritage with one of Michigan’s oldest banks established in 1870 — essentially bank313 is a spinoff affiliate of First State Bank in Decatur, acquired in 2024. Calibo also has been engaged to bring the latest banking technologies to First State Bank.
While no initial branch offices are planned, bank313 instead will be reaching out and serving customers digitally in platforms and methods most convenient for its business customers.
“It’s 2025 and most small and mid-sized business operators in metro Detroit would prefer to do all their banking online, easily, and when convenient for them — that’s the model bank313 is bringing to the Motor City,” Farr says.
“This new digital lending platform is a game-changer for us. Our strategic alliance with Calibo allows us to streamline loan processes making credit more accessible to small businesses and supporting economic growth.”
Raj Vattikuti, founder and executive chairman of Calibo, says the “collaboration underscores Calibo’s mission to empower financial institutions with cutting-edge technology that transforms how they serve their business customers.”
Calibo CEO Scott Sandschafer adds the new platform will “provide consumers with a streamlined, efficient lending experience that reduces approval times to mere hours, enhancing accessibility and satisfaction.”
The Calibo Lending Platform, customized for bank313, offers a powerful way for community banks to modernize and stay competitive in today’s fast-paced lending environment. Known for their personalized service and deep local ties, community banks can now elevate their strengths with a fully digital, end-to-end lending experience through Calibo.
Calibo’s platform provides bank313 with an end-to-end loan origination solution that guides users through each phase of the loan lifecycle — covering lead generation, application processing, credit evaluation, decision-making, and loan closure. The platform offers industry leading security measures, according to Calibo.
By streamlining the entire loan lifecycle — from origination to closing — the platform significantly reduces manual effort, cutting operating costs and minimizing risk.
With capabilities such as omnichannel lead capture, custom application journeys, configurable loan products, a frictionless web experience, paperless document management, a unified banking dashboard with reminders and actions, the platform automates and simplifies every step of the lending process.
Even before bank313’s official launch, Calibo Lending was used to execute the first loans for selected early customers — proving the model and setting the stage for what’s next.
Calibo is a governed, self-service orchestration platform that accelerates digital, data, and AI initiatives.
For more information, visit calibo.com.
