011 - Why Just A Few FinTech Startups Keep Growing While Others Fail and Run Out of Money?

Dec 14, 2020

Listen as Yana discusses why some FinTech startups make it to the top, keep growing, and secure license applications, partnerships, and funding. In contrast, most startups just run out of money and aren't able to make it. What is it that those few startups have figured out? Yana gives her insight into the symptoms that might cause you to fail and what she believes is the secret sauce that allows some to make it, plus much more on this Compliance That Makes Sense episode. 

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Today's episode:

• [00:33] Hello, my friends, and welcome back!
• [01:32] Yana shares some symptoms that might cause a startup to lose money and fail.
• [03:45] There is a lot of free and paid content published on FinTech compliance. Are you taking advantage of this information?
• [05:32] Agile, just-in-time methodology is proven and most recognized in delivering tech products.
• [07:22] Yana says she is always asked for a complete list of what they need to be in 100% compliance.
• [10:21] Yana discusses what she learned when she started with Amazon and PayPal.
• [12:12] Yana talks about her job responsibilities when working with PayPal.
• [14:34] When large companies like PayPal and Amazon share customer processes, or payment flows with younger FinTechs, it involves decision making around risks.
• [16:31] Yana speaks about how she sees the FinTech compliance function evolve.
• [18:45] Listen as Yana talks about your customer onboarding, and although you might be automated, everything else is manual.
• [21:15] When you have inconsistencies, your compliance cost per customer and time cost per customer is getting higher day by day.
• [23:06] Have you found the right balance between compliance efforts and growth opportunities?
• [26:02] Thank you for listening!

Additional Materials:

Is your compliance lean and agile? If you are not sure, go to www.competitivecompliance.co/lean-compliance-quiz and answer 6 questions to get specific recommendations on how to reduce your compliance cost.