In today’s fintech landscape, innovation is critical, but so is compliance. As the CEO and Co-Founder of Pier, where our API-first solution enables companies to quickly and compliantly launch credit products, I’ve witnessed firsthand how difficult it can be for companies to navigate the complex and fragmented regulatory environment, regardless of how groundbreaking their products are.

Compliance isn’t just a box to check; it’s essential for survival and long-term growth. For companies operating in the consumer lending, payments, or banking-as-a-service (BaaS) sectors, this means understanding and adhering to a maze of both federal and state regulations.

In this newsletter, we’ll explore the unique challenges fintech companies face when it comes to compliance, using consumer lending as an example, talking through examples like Affirm, Gusto, etc. These principles, however, apply to other areas of fintech, whether you’re building in lending, payments, accounting, banking-as-a-service (BaaS) and beyond. We’ll also look at how fintech can turn compliance into a strategic advantage, creating opportunities for market expansion, investor confidence and long-term success.

The State of Fintech Compliance in 2024: What’s Going on?