Banking licence is owned by the BaaS company, and they allow others to borrow it when using their platform.
The companies building on top of a BaaS are not banks. They’re fintechs building products like privacy.com, or something else.
Moving money between accounts at the same bank is obviously trivial. I’m talking about the ability to move money to other financial institutions via card payments, wire transfers or whatever.
The companies building on top of a BaaS are not banks. They’re fintechs building products like privacy.com, or something else.
Moving money between accounts at the same bank is obviously trivial. I’m talking about the ability to move money to other financial institutions via card payments, wire transfers or whatever.