How to Build a Bank in a Day

Fintech APIs are making finance composable, making it 10x faster and cheaper to get consumer finance products to market.

Photo by La-Rel Easter on Unsplash
  1. Find a banking partner — They’ll hold the deposits and handle the banking compliance. There’s no list of who will do this, so start working the phones. You’ll also have to convince them your no-name startup is an acceptable compliance risk. This will take awhile.
  2. Find card partners — You’ll need a card processor, issuer and payment network partners. You get the picture, this will take awhile also and are individual relationships to be built and negotiated.
  3. Build Hairy Software — You’ll need to weave your modern software stack to use the legacy networks these partners work on. This will be painful.
  1. SynapseFi — Set up an account and you’ve got the tools you need for your checking and savings account as well as card issuance. Great, that was easy.
  2. Build Modern Software — You’re building on a modern software stack. You’ll be able to deliver and iterate quickly.

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Tech Entrepreneur

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Hansmeet Sethi

Hansmeet Sethi

Tech Entrepreneur

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