![]() ![]() That’s sending us in a lot more directions as opposed to fewer directions right now. We’re enjoying a chance to really try and be as connected as possible to our clients and do anything that they need. We had a bit of a tough time as many did during the pandemic. What are your plans in the near term instead? Where would you rather spend those resources? A lot of these companies are throwing massive amounts of money in a lot of different directions and then seeing what sticks in the hopes they won’t actually compete with each other but instead eliminate choice from the small businesses that use them.īut do we need to get a bank charter? Do we need to start doing more traditional, more full-service banking-type services? That is definitely something that we have to consider and keep an eye on. Pretty much every industry right now.monopolies and oligopolies are basically eliminating competition as the way to achieve returns. The broader theme is there are so many of these fintechs that are basically raising a ton of money, and it’s no secret why. I don’t have an answer to that off the top of my head other than to say, there is a lot of money that is being thrown out there, and that money wants crazy returns. What are some of the issues that don’t get talked about enough when a fintech jumps to get a bank charter? Is that being pursued too aggressively? We would need people at the company to really make that a focus and a priority, and so it’s really just a matter of bringing in the right into the organization. What are some of the things keeping you from moving it to the front burner? While all these other fintechs are trying to get a bank charter, what are your plans?ĭAN PRICE: It’s definitely something we’re keeping an eye on and may need to do at some point. What follows is the interview, which has been edited for length and clarity. But he also questioned whether the venture capital backers he has long avoided are rushing these companies into charters for the sake of big returns when they exit their investments. Last year, Varo Money became the first fintech to get a banking charter approved by federal regulators.Īdding traditional banking services and pursuing a charter may be necessary down the line, Price said in a brief interview. As it has been focused on regaining its footing, other fintech names like Square, LendingClub, Brex and SoFi have made moves to obtain banking charters, either through direct applications with regulators or an acquisition of an existing bank. ![]()
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