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The UI is really sleek. It definitely doesn't feel like a banking/financial application, so well done. What was the process like for opening up a banking insti
by sorine 7y ago
The UI is really sleek. It definitely doesn't feel like a banking/financial application, so well done.
What was the process like for opening up a banking institution and getting FDIC insurance? Can you elaborate on the timeframe, requirements, or other unique challenges you had to deal with?
- immad 7y agoThe best way to do it as a startup is to be partnered with an existing bank. To get your own charter is a long and expensive process. Partnering with a bank is relatively speaking not too bad. I spent 3 months talking to about 60 banks before picking our eventual partners. There are quite a few now that have worked in the past with fin-tech companies and they are open to conversations. There are also fin-tech conferences like Money 20/20 that a lot of them go to.