Case Study
A mid-market US fintech company serving 75,000+ clients needed nationwide money transmitter licenses under new laws and stricter enforcement. Cornerstone secured the licenses, and for over five years has managed the portfolio, annual reports, and filings for new business areas.
Mid-market fintech company with 75,000+ clients · Money Transmission
A mid-market US fintech company serving 75,000+ clients needed nationwide money transmitter licenses under new laws and stricter enforcement. Cornerstone secured the licenses, and for over five years has managed the portfolio, annual reports, and filings for new business areas.
Outcomes
75,000+
Clients served by the fintech company
5+ yrs
Ongoing licensing partnership
Nationwide
Money transmitter license coverage
Before
New laws and stricter enforcement of existing rules required the fintech company to secure money transmitter licenses nationwide. Without these licenses, the company would face serious issues, including fines and operational restrictions that could threaten its business operations.
Before
The decision makers needed a vendor they could trust, with the expertise to secure all necessary licenses efficiently and avoid potential legal and operational challenges in licensing financial services companies.
Engagement
A decision maker familiar with Cornerstone from a previous company recommended us to handle the initiative. With 25+ years of experience managing licensing for financial service companies, our specialists made sure every license was filed correctly and on time.
Ongoing
Outsourcing the licensing to Cornerstone let the fintech company stay focused on its core business activities rather than the complex and time-consuming licensing process.
5+ years
For over five years the company has relied on Cornerstone to manage its money transmitter licenses across the country, and has also entrusted us with preparing annual reports and filing state licenses for new business areas.
In Their Words
"Everyone at Cornerstone is always willing to help out and go above the call of duty. They're quite knowledgeable and resourceful. They are always getting me what I need and in a timely manner."
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