3 Things to Know Before Working at a FinTech Startup
Thinking about working for a FinTech startup, but not sure what to expect? Here are three things you might not know:
Compliance is really important
For many start-ups, worrying about the legal ramifications of things is mostly reserved for HR. At a FinTech start-up, there’s a whole added layer of complexity (read more about Compliance in Credit Cards) that permeates every aspect of the company, from product to marketing. While some may find it frustrating to have to follow so many rules, other will find it an interesting challenge - many of the laws were developed with the consumer in mind, and having those guidelines in place helps ensure that you take the time to think about what’s best for the customer.
Bank Partners (and/or lending licenses) are mandatory
Not every FinTech startup needs a bank partner, but many do. Bank partners help guide the startup through some of the compliance considerations, as well as provide an extra layer of approvals. Though this can take getting used to, it’s often nice - you have a built in set of people to provide an additional, knowledgeable, perspective on what you’re doing and building.
Customers care that it works 100% of the time
It’s no surprise that money is important to people. This means that when something seems to be off about the system that handles their money, they will get nervous and sometimes angry. Many of these less-than-ideal customer interactions can be avoided by having a product and engineering team thinking carefully about the features they release and the implications, but sometimes things slip through the cracks. However, since money is so important, helping a customer work through an issue can be extra rewarding - after all, who doesn’t like helping someone feel better?
We admit it, we do have a bit of an ulterior motive to this post - we’re hiring! If the things on this list intrigued or excited you, check out our careers page here.