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Start smaller. Most of the disrupter banks started as something else with the view to eventually obtaining a banking license. That way you can actually prove th
by robjan 8y ago
Start smaller. Most of the disrupter banks started as something else with the view to eventually obtaining a banking license. That way you can actually prove that you have a product worth investing in. Usually banking startups start with a Stored Value Facility license (or the local equivalent) and work up from there.
- simonebrunozzi 8y agoSeconded. Start smaller. The simple concept to remember is: if you need $13M to start this business, it's a business you can't start right now; it's instead an opportunity for larger businesses. We had a similar problem: we started with "let's build the city of the future", which would have probably required a large capital (of course, we wouldn't have done it alone, but still...), and ended up focusing on creating innovation at the financial layer of real estate, which we started with a few 100,000s of $$. Doing good so far.
- break_the_bank 8y ago"The simple concept to remember is: if you need $13M to start this business, it's a business you can't start right now; it's instead an opportunity for larger businesses" True. I should look at the smallest thing that I can do that can provide value and that can somehow pivot into a bank. Good luck with your startup :)