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This is called a de novo bank. The trouble is that states issue few to no de novo bank licenses since the 2008 crash. So if you want to do a banking startup exp
by osipov 11y ago
This is called a de novo bank. The trouble is that states issue few to no de novo bank licenses since the 2008 crash. So if you want to do a banking startup expect to pay for an existing banking license or to buy an existing bank.
- personjerry 11y agoThat seems pretty unfeasible for a startup unless it already has significant traction. So it seems like bank startups are out of the question.
- cweagans 11y agoYou could always do what Simple.com did, and partner with an existing bank for just the money storage part. They see their value add as their interface and customer service (both of which they do extremely well). The money storage part is just an implementation detail to them.
- toomuchtodo 11y agoBancorp is who'd OP would partner with. They have a platform built for integrations.