Can a fintech startup legally rent a money transmitter license?
1 Answer
Faisal Khan
Answered 05/Jun/2020
The answer is yes.
You don’t actually “rent” a license, but you can get is essentially a sponsorship by a Program Manager who would provide you with “access to license” for your fintech.
There are many ways this can play out. You can be a pure ISO (Independent Sales Organization), you can be a Registered Agent of the license holder or you can get sponsorship from the PLH (Principal License Holder) to be able to manage all this on your behalf and provide you with either APIs or a white-label solution.
I did two videos that explain how you can leverage a license as well as some basic frequently asked questions on the licensing process.
Leveraging A License
https://www.youtube.com/watch?v=...
The other video is: FAQ on Money Transmitter License Sponsorship under an ISO Program for the United States