Brico

Today, we are announcing our $8.1 M seed raise to Set the New Standard of Financial Licensing. We have been quietly building our product, team and delivering customer joy for the last 1 year but today we are moving to a new phase- Setting a new standard for Financial Licensing for the whole industry. We want to thank our earliest customers who trusted us a year ago when all we had was a vision. We also couldn't be where we are without our amazing investors who believed in the vision as strongly as we did - Ryan Falvey Cameron Peake Rex Salisbury Arpan Shah Mar Hershenson Kabir Kumar Emmalyn Shaw Matt Kelly Ethan Bloch Jordan Wright Todd H Baker Rushabh Doshi Samar Shah Read more about our next phase of building the future here-

We had an incredible time hosting FinTech leaders—CEOs, General Counsels, and CCOs/Heads of Compliance—at our first-ever Brico FinTech Leaders event in San Francisco. It was enlightening to hear everyone's insights during the "2 Professional Truths and a Compliance Challenge" session. My favorite statement from the session"Hug your legal & compliance person, they really need that :) ". At brico.ai one of our values is to inject 'Joy' in the lives of legal and compliance teams as they navigate the complex web of licensing and compliance Jobe Danganan Rex Salisbury Kate Karas Will Hubbard Millie Yang Richard Stephenson Priya Pai Swati Karandikar Priya Sanger Christina Luk Adam Shapiro Kevin Moss Chithra Ramachandran, CAMS Anu Shultes Patrick Ramsey Vincent Lucero #MTLs #lending #FinTechCompliance #Licensing

🚀 We're Hiring 2 Senior Full Stack Software Engineer at Brico! 🚀 Apply here- https://lnkd.in/gdUuQ7Xr "I'm so grateful for Brico, I didn't even imagine licensing could ever be made so simple" "Why didn't you exist 10 years ago when I got started in licensing" "I'll be honest, I thought Brico was too good to be true when we first met, but you guys are really that good" These are real customer quotes that we hear on a daily basis, and it validates everything we stand for at Brico.ai - Making licensing easy, cheap and joyful. 📢 If you are an experienced Full Stack Engineer: -Looking to make real impact on customer's lives while solving a large unsolved problem -Feel comfortable moving back and forth between front-end and back-end work -Get excited by automating the "Un-automatable" -Love challenging the status quo and the early stage adrenaline rush -Thrive on high agency and collaborative brainstorming -Have at least 3-5 years working on consumer facing features Then come join us and reimagine the future of licensing with Brico ! DM me or apply for the role here - https://lnkd.in/gdUuQ7Xr. Special shoutout to Maryna S. for hands-on help with our recruiting efforts :) Picture of our eng team (Carlos Rotger and Edward Swiac) deep in brainstorm

Fourth edition of What's the Dilly-o just dropped! Found a vendor that's building a platform to navigate the scariest part of building a fintech...IYKYK. IYDK - subscribe to find out? dillylabs.com

I will be speaking at Empire Startups - Everything FinTech's Empire conference tomorrow as part of NY FinTech week talking about brico.ai along with other "Hot start-ups". We will be showcasing how Brico is building a cheaper, faster and more efficient way to do licenses to help any business own their destiny vs. being reliant on a third party partner. If you are attending the conference/ are in NYC and have questions about #MTLs and Lending licenses DM me or Christina Luk to meet in person this week. #payments #lending #Crypto #remmitances #fintechcompliance

The big news of the weekend in the FinTech land is #Unit- a #BaaS middleware- is pivoting to direct to bank. In the last few months many of their partner banks have had regulatory action taken against them, some left the platform and as a result many FinTechs off boarded suddenly. It has been increasingly clear for many months that Direct to bank will be the way forward but what does this mean for the industry? 📈 1. Costs for Banks and #FinTechs will rise: #Banks will have to do third party monitoring more robustly and FinTechs will have to own the compliance stack (#AML, #KYC, #BSA, #RegE, etc) and actually go through yearly audits with the banks. Not to mention that FinTechs will still have to pay for the middleware to connect to banks via APIs ⏰ 2. Time to launch a product will increase from weeks to 9-12 months: Having a launched a #neobanking product directly with a bank, my estimate is that contracting will take 2-3 months, getting to bank partner go-ahead for Beta launch will take 6 months and a full product launch will take 9-12 months primarily driven by marketing reviews and the "go-live" compliance audits undertaken by the bank. 🔍 3. Marketing reviews will be a major hurdle in launches and subsequent product/ feature improvements. When I was launching our banking product at digit, this was a major source of stress with our team and our bank partners. Banks understandably want to reduce their risk and take multiple stabs at reviewing marketing materials. This not only delayed our launch and any additional product improvements by weeks but also we couldn't always say what we wanted to in the marketing language as the voice of Banks and FinTechs are different. 💰 4. Banks might require FinTechs to get licenses to reduce third party risk costs: Larger banks like #WellsFargo, #JPM were already requiring FinTechs to get #MTLs and #Lending licenses to work with them but now even smaller community banks have started requiring licenses (atleast in a few states) to work with FinTechs. This is a way for them to reduce their operating costs and also lower their risk. If a FinTech has a few MTLs/ Lending licenses, they will also be on the hook with the state regulators to comply to same compliance programs that the banks require the fintechs to have. Hence, the risk of FinTech not complying to Bank's compliance actually goes down a LOT. 💸 5. FinTechs and other embedded players will explore alternatives to reduce their unit costs and own their destiny With the increased #compliance burden, vendor cost of middleware providers and interchange share with banks the unit economics will deteriorate further. Delays of getting marketing or a new product feature or funds flow approved by a bank partner would further frustrate fintechs and they will start looking at alternatives like becoming a MTL or licensed state lender. At brico.ai we are gearing for this big shift in the industry and are excited to let FinTechs own their destiny!

🔥 Fintech Meetup officially kicked off yesterday, as has conference selfie season. 😁📸 ✈️ Was able to rush from my plane, get checked in early (🙏 Venetian team), and registered (while running into one of my favorite clients, Joe Guidry from Union Square Credit Union) so I could make it to check out “Revolutionizing Financial Health with Fintech” a topic I am particularly interested in, which also happened to be moderated by the awesome Nicole Casperson of Fintech Is Femme Ran into some familiar faces and met new ones! A few of the companies that may be worth your time to check out: 👉 Bud - turning transactional data into rich customer insight 👉 CD Valet delivering the most relevant CD rates from local financial institutions 👉 SecondKeys - AI enhanced property management platform 👉 Brico - leveraging automation to manage licensing for financial firms 👉 DefenseStorm - real-time cyber risk readiness built for banking Looking forward to a full day today and sharing more interesting companies with you all! #JanuseaConnections #fintechs #creditunions #banks #fintechmeetup