3 ms·

you can rent a licence, there are many banks doing that in EU. I think you need to do a better research..

by shapiro92 8y ago

atlasunshrugged 8y ago
Can you expand on this? Never heard of this but I'm not super involved in fintech/banking. Something like Solarisbank?
- no1youknowz 8y ago
  Not OP, but here's generally how you would do it [0]. However, in the EU there are a few other banks to try [1], [2]. In the US, you could try [3]. There's also companies which partner with multiple banking services to provide a cohesive offering [4], [5]. For anyone wanting to do this, here's two issues that I have found. 1) If you don't have banking licenses, the conversation will stop abruptly. Even if they advertise that they may work with you from their website. It's a big hurdle. To overcome that, I know of 1 company that may help [6]. If anyone knows of any more, please reply. 2) It's rare to talk to VP/Management level operatives, which is where you want to be. Unless you manage to dig out the CEO/COO email and contact them directly. Going from the bottom (contact us form) upwards just means you'll end up speaking to a Z level employee who doesn't know the banking business at all. Disclaimer: I've contacted over 100 fintech companies. The whole state of affairs is pretty bad. It's improving, but won't be there until 2020 at least. [0]: https://blog.faisalkhan.com/money-transmitter-license-application-d9dd32286871 https://blog.faisalkhan.com/money-transmitter-license-applic... [1]: https://www.fidor.com https://www.fidor.com [2]: https://www.mambu.com https://www.mambu.com [3]: https://www.crossriverbank.com https://www.crossriverbank.com [4]: https://www.railsbank.com https://www.railsbank.com [5]: https://www.unnax.com https://www.unnax.com [6]: https://www.coinx.com https://www.coinx.com
  - atlasunshrugged 8y ago
    Wow, you know I am always blown away by how helpful people are and how awesome responses can be. I really appreciate this and all the resources, I'm reaching out to Fidor today to learn more

you can rent a licence, there are many banks doing that in EU. I think you need to do a better research..

atlasunshrugged 8y ago

Can you expand on this? Never heard of this but I'm not super involved in fintech/banking. Something like Solarisbank?

no1youknowz 8y ago
Not OP, but here's generally how you would do it [0]. However, in the EU there are a few other banks to try [1], [2]. In the US, you could try [3]. There's also companies which partner with multiple banking services to provide a cohesive offering [4], [5]. For anyone wanting to do this, here's two issues that I have found. 1) If you don't have banking licenses, the conversation will stop abruptly. Even if they advertise that they may work with you from their website. It's a big hurdle. To overcome that, I know of 1 company that may help [6]. If anyone knows of any more, please reply. 2) It's rare to talk to VP/Management level operatives, which is where you want to be. Unless you manage to dig out the CEO/COO email and contact them directly. Going from the bottom (contact us form) upwards just means you'll end up speaking to a Z level employee who doesn't know the banking business at all. Disclaimer: I've contacted over 100 fintech companies. The whole state of affairs is pretty bad. It's improving, but won't be there until 2020 at least. [0]: https://blog.faisalkhan.com/money-transmitter-license-application-d9dd32286871 https://blog.faisalkhan.com/money-transmitter-license-applic... [1]: https://www.fidor.com https://www.fidor.com [2]: https://www.mambu.com https://www.mambu.com [3]: https://www.crossriverbank.com https://www.crossriverbank.com [4]: https://www.railsbank.com https://www.railsbank.com [5]: https://www.unnax.com https://www.unnax.com [6]: https://www.coinx.com https://www.coinx.com
- atlasunshrugged 8y ago
  Wow, you know I am always blown away by how helpful people are and how awesome responses can be. I really appreciate this and all the resources, I'm reaching out to Fidor today to learn more