Open Opportunity Fund’s Post

Today Brex is launching a new, supercharged banking experience for startups with Stripe and Column 🏦 The banking process can be difficult for new founders — especially non-U.S. residents. They often have to wait 5+ weeks for an EIN from the IRS before they can even apply for an account. Then after receiving it, they’re often faced with slow, expensive banking options that make it harder for founders to run their business. Today, we’re solving both problems with two key updates: First, in partnership with Column, we’ve supercharged the Brex business account — already used by 1 in 3 US startups — to bring you checking, treasury, and vault in one. 💵Checking: Send and receive funds worldwide with no transaction fees on ACH transfers, checks, and domestic wires. 💰Treasury: Earn yield from day 1 with 100% liquidity and easy auto transfers — all with no fees, minimums, or waiting periods (the only player in the space to do this). 🔐Vault: Diversify your funds across more than 20 program banks for up to $6M of total FDIC insurance (20x the national average). Second, in partnership with Stripe, companies incorporated with Stripe Atlas can now apply for a Brex business account immediately after incorporation. We will also reimburse 100% of the Stripe Atlas cost for Delaware C-Corp Incorporation for new customers ($500 value). Plus, you can begin using your Brex business account immediately, even as you await your EIN! We’re excited to roll this out and fuel your next big idea. Link in the comments for full details!

Another step forward for the (unbiasedly) best banking solution in the market 😤

Just keep shipping, just keep shipping 🐠 ! So proud of our team for shipping not one but two meaningful partnerships today with Stripe and Column, addressing problems founders face regularly: 1) With our new Stripe Atlas partnership, startups can apply for a Brex business account right after incorporation - even while they wait for their EIN! 2) In partnership with Column, we've supercharged our Brex business account—combining Checking, Treasury, and Vault -- creating a banking experience that takes every dollar further so founders can begin earning from their first $1! (unlike others who require $500K!) 🚀 🚀

3 fintech news stories. 2 fintech content recommendations. 1 question to ponder. 📰 3 News Stories 1.) Fifth Third and Stripe are teaming up on embedded banking. Huge win for Fifth Third and a smart move for Stripe, which is likely in the process of moving off of Evolve (its prior partner for the Stripe Treasury product). 2.) Sora Finance launched a debt tolerance assessment tool for wealth management advisors. This is neat, but what I'd really like to see is someone package this type of capability into a more automated PFM solution for the mass market. 3.) Tim Berners-Lee launched a digital wallet for identity. I love the concept, and obviously the founder knows what he's doing (and has a lot of credibility with both government and industry), but I wonder if consumers really want this? 📚/ 🎧 2 Content Recommendations 1.) Jonathan Joshua wrote a wonderful overview of the CFPB's interpretive rule on EWA. A really great resource if you're looking to go deeper on the topic. 2.) Rob Blackwell has a podcast (Banking with Interest) that I've been meaning to recommend for a while. It's outstanding. 🤔 1 Question 1.) Does anyone have any intelligent takes on the FTC’s recent efforts around surveillance pricing? The FTC is looking at Mastercard and JPMC, so obviously it will have an impact in financial services, but I'm not sure how yet. Would love some input on this topic!

Hey everyone, Being a fintech Founder (Trustopay, for those who don't know me) means I have spent countless hours diving into the world of regulations. Trust me, it's not always the most glamorous part of building a business, but it's absolutely crucial. Getting the right licenses isn't just a checkbox for compliance So, what's the deal with fintech licenses? Why do they even matter? Trust is everything: Think of it like a seal of approval. Licenses show you're playing by the rules and value your customers' security. Keep your customers safe: Most licenses have strict rules about how you handle money and personal information. That's peace of mind for everyone. Open doors to opportunity: Some licenses are like golden tickets, giving you access to offer specific products or services that others can't. Investors love it: Licensed fintechs are seen as less risky and more attractive to those with deep pockets. The Fintech License Alphabet Soup: Payment Service Provider (PSP): If you're dealing with online payments, this one's your bread and butter. Money Transmitter License (MTL): Moving money around? Domestically or internationally, you'll need this. Lending License: For all you lenders out there, this is non-negotiable. Investment Advisor License: Giving financial advice? Better get licensed. Insurance License: Selling insurance? Yep, you guessed it, license time. Banking License: This is the big kahuna. It covers a lot, but it's also the hardest to get. So, When Do You Actually Need a License? This is where it gets a little tricky. It all depends on what your fintech baby does and where you're located. But here's a rule of thumb: Touching customer money? You probably need a license. Offering financial products? License time, for sure. Dishing out financial advice? Get that license. The All-Stars of Fintech Licenses: Payment Service Provider (PSP): It's like the starter kit for most fintechs. Lending License: If loans are your thing, this is your BFF. E-Money License: Want to issue your own digital money? This is your ticket. Banking License: The ultimate goal, but it's a long and winding road. The License Hunt: It's a Marathon, Not a Sprint Getting licensed isn't always a walk in the park. It takes time, patience, and a whole lot of paperwork. My advice? Do your homework: Figure out exactly what your business needs in terms of licenses. Get an expert on your side: A lawyer who knows fintech is worth their weight in gold. Show them you mean business: Have a solid plan and show you're serious about following the rules. Patience, young grasshopper: It takes time. Don't get discouraged. Regulations are always changing. Stay in the loop and make sure your fintech is always on the right side of the law. Got questions? Need some advice based on your specific situation? Don't be shy, hit me up I'm always happy to chat about all things fintech. #fintech #licenses #regulation #compliance #startup

🏦 Understanding Stripe's Banking As A Service (BaaS) Model Let’s dive in: Stripe's Banking-as-a-Service (BaaS) is revolutionizing the FinTech sector by enabling businesses to seamlessly integrate financial services into their existing platforms. This approach diverges from traditional banking, where services like account opening or loan applications were solely bank-driven. Stripe BaaS comprises key products like Issuing for card programs, Treasury for managing financial accounts, and Capital for easy financing. These offerings simplify financial services for users, while Stripe manages the complex regulatory and banking partnerships. Central to Stripe's BaaS success are its strategic partnerships with banks, providing a secure, compliant infrastructure. This collaboration covers critical areas like compliance, risk management, and dispute resolution, ensuring Stripe's services align with regulatory standards. Globally, Stripe holds numerous licenses, facilitating its users' expansion without additional regulatory burdens. Its unique approach in selecting bank partners focuses on diversity, technological sophistication, and scalability, aligning with Stripe's commitment to reliability and security. Redundancy in bank partnerships is another focus, allowing Stripe to tailor services to varied user needs and ensure continuity. Stripe Issuing exemplifies this approach, simplifying the complex process of card issuing and benefiting from Stripe's extensive banking relationships. In summary, Stripe's BaaS offerings mark a significant shift in the digital financial landscape, promoting a more integrated and efficient approach to financial services, and supporting businesses from startups to large enterprises. I highly recommend reading my complete deep dive article for more info: https://lnkd.in/ekcVAefs Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] #fintech #fintechindustry #financialtechnology #stripe #payments #paytech #banking #bankingindustry #digitalbanking #bankingtech #baas #bankingasaservice #banktech 

So many #VSaaS platforms that we speak with are struggling to figure out the quintessential step one of #Fintech: Payments For those who are succeeding with their #Payments, they are interested in what is next for their #EmbeddedFintech. In this short #Blog, we lay out the fundamentals of how to look at expansion. The Preczn Inc team can help go beyond the blog post to put you in a position to grow and earn strategically. #BlogPost #FintechStrategy #Strategy

🏦 Understanding Stripe Banking As A Service (BaaS) Model Let’s dive in: Stripe's Banking-as-a-Service (BaaS) is revolutionizing the FinTech sector by enabling businesses to seamlessly integrate financial services into their existing platforms. This approach diverges from traditional banking, where services like account opening or loan applications were solely bank-driven. Stripe BaaS comprises key products like Issuing for card programs, Treasury for managing financial accounts, and Capital for easy financing. These offerings simplify financial services for users, while Stripe manages the complex regulatory and banking partnerships. Central to Stripe's BaaS success are its strategic partnerships with banks, providing a secure, compliant infrastructure. This collaboration covers critical areas like compliance, risk management, and dispute resolution, ensuring Stripe's services align with regulatory standards. Globally, Stripe holds numerous licenses, facilitating its users' expansion without additional regulatory burdens. Its unique approach in selecting bank partners focuses on diversity, technological sophistication, and scalability, aligning with Stripe's commitment to reliability and security. Redundancy in bank partnerships is another focus, allowing Stripe to tailor services to varied user needs and ensure continuity. Stripe Issuing exemplifies this approach, simplifying the complex process of card issuing and benefiting from Stripe's extensive banking relationships. In summary, Stripe's BaaS offerings mark a significant shift in the digital financial landscape, promoting a more integrated and efficient approach to financial services, and supporting businesses from startups to large enterprises. I highly recommend reading my complete deep dive article for more info: https://lnkd.in/ekcVAefs Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] #fintech #fintechindustry #financialtechnology #stripe #payments #paytech #banking #bankingindustry #digitalbanking #bankingtech #baas #bankingasaservice #banktech

🏦 Understanding Stripe Banking As A Service (BaaS) Model Let’s dive in: Stripe's Banking-as-a-Service (BaaS) is revolutionizing the FinTech sector by enabling businesses to seamlessly integrate financial services into their existing platforms. This approach diverges from traditional banking, where services like account opening or loan applications were solely bank-driven. Stripe BaaS comprises key products like Issuing for card programs, Treasury for managing financial accounts, and Capital for easy financing. These offerings simplify financial services for users, while Stripe manages the complex regulatory and banking partnerships. Central to Stripe's BaaS success are its strategic partnerships with banks, providing a secure, compliant infrastructure. This collaboration covers critical areas like compliance, risk management, and dispute resolution, ensuring Stripe's services align with regulatory standards. Globally, Stripe holds numerous licenses, facilitating its users' expansion without additional regulatory burdens. Its unique approach in selecting bank partners focuses on diversity, technological sophistication, and scalability, aligning with Stripe's commitment to reliability and security. Redundancy in bank partnerships is another focus, allowing Stripe to tailor services to varied user needs and ensure continuity. Stripe Issuing exemplifies this approach, simplifying the complex process of card issuing and benefiting from Stripe's extensive banking relationships. In summary, Stripe's BaaS offerings mark a significant shift in the digital financial landscape, promoting a more integrated and efficient approach to financial services, and supporting businesses from startups to large enterprises. I highly recommend reading my complete deep dive article for more info: https://lnkd.in/ekcVAefs Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] #fintech #fintechindustry #financialtechnology #stripe #payments #paytech #banking #bankingindustry #digitalbanking #bankingtech #baas #bankingasaservice #banktech

J.P. Morgan started off boarding business customers from wePay. JP Morgan Chase's WePay has reportedly begun offboarding a number of its long-standing business clients. This move, as reported by The Information, hints at a potential shift in the banking giant's approach to competing in the business payments space, currently dominated by players like Stripe and Square. Acquired by JP Morgan Chase in October 2017 for $400 million, WePay was positioned as a payments innovation incubator, aimed at enhancing the bank's capabilities in the competitive payments processing arena. Over the years, WePay integrated advanced features such as digital and progressive onboarding, enabling JP Morgan Chase to assess payment transaction risks effectively. The recent offboarding of clients by WePay, as noted by The Information, may indicate a stronger inclination towards cost-cutting within the paytech. This shift has reportedly led some of the offboarded clients to migrate to JP Morgan Chase’s key competitors in the business payments sector. In response to inquiries, a JP Morgan spokesperson stated that various reasons could lead to the cessation of services for individual merchants. While emphasizing respect for client confidentiality, the spokesperson mentioned that the bank facilitates smooth transitions for clients migrating to other providers. Additionally, they highlighted that JP Morgan Chase is supporting two acquiring platforms, including WePay, with a long-term goal of consolidating to a single platform – a transition that is not imminent. Very strange behaviour from #JPM, that after the acquisition seems to have lost interest in the pay tech startup, maybe to focus on his own fintech ventures like Chase. The article on FinTech Futures in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW