No banking charter? No problem. Fintech companies team up with small-town banks

Because virtually no tech companies have the license required to perform banking services, many of them partner with existing banks to offer a suite of services including checking accounts, credit cards and the back-end and regulatory work the tech companies aren’t equipped—or allowed—to handle.

“Airbnb, one would argue they are one of the largest hotel chains that doesn’t own a room,” said Josh Siegel, chief executive of StoneCastle Partners LLC. “Our network works in a similar way. We have an account at the bank, it’s the room we rent, and we can rent it out to whoever we want.”Cambr’s service launched last year as a partnership between StoneCastle, which provides the bank connections, and digital banking platform Q2 Holdings Inc., which works on the software and programming.

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

As Facebook and Apple encroach on finance, top banks are teaming up with younger rivalsFintech partnerships give banks the chance to experiment without creating costly in-house projects.
مصدر: CNBC - 🏆 12. / 72 اقرأ أكثر »

Singapore and the UK are struggling to attract fintech talent for their companiesMajor Singapore and UK fintech hubs are struggling to attract talent, likely because they have to compete with incumbent banks and big tech firms.
مصدر: BusinessInsider - 🏆 729. / 51 اقرأ أكثر »

House passes bill that would allow banks to work with cannabis companiesThe U.S. House of Representatives voted Wednesday to advance legislation that wo... Money and Drugs SpeakerPelosi very good! Keep it up! Remove cannabis from federal schedule 1! Good. Now let's legalize it, tax it, and decriminalize it.
مصدر: Reuters - 🏆 2. / 97 اقرأ أكثر »

Pot stocks spike after House passes act protecting banks that work with cannabis companies'Although the bill still needs to pass the Senate, SAFE Banking's victory in the House is monumental,' said Charlie Wilson of Green Bits.
مصدر: BusinessInsider - 🏆 729. / 51 اقرأ أكثر »