Finosu: Automated compliance for consumer lending

TL;DR: The consumer lending compliance process sucked, and so we started Finosu to build the tools we wish existed.

Hi all - we’re Gabriel and Mark. Together we built a $200m lending business within a fintech marketplace, and in doing so, spent hundreds of hours and hundreds of thousands of dollars on compliance work.

Problem:

• Regulatory compliance is mandatory to access the $5 trillion US consumer credit market
• Compliance today is expensive, relies heavily on manual processes to navigate the complicated state and federal laws, and operates reactively to audit requests

Solution:

Our software relieves the pain of hunting through regulatory codes, the confusion of form filling, the surprise of regulatory deadlines, the monotony of PDF data extraction, the anxiety of brittle Excel spreadsheets, and the frustration of buried email threads with advisors… to name a few…

We ingest lenders’ existing information (PDFs, excels, loan management systems, etc.) and:

• automate filing and maintenance of state lending licenses

• automate preparation for loan book auditing

• provide a loan management system that is natively and proactively compliant

  

Why now:

• The cost of compliance has skyrocketed as federal agencies such as the Federal Reserve, FDIC, and OCC have increased scrutiny on sponsor bank partnerships

The ask:

• If you work in or around all forms of lending at a fintech, investor, advisor, broker, or bank, we’d love to chat!
• Share this post! If there is anyone in your network who deals with consumer lending, we would love to learn more about their problems and see if we can be helpful!
  • Copy & paste blurb: A team of ex-fintech operators created a product to automate regulatory licensing and loan book auditing for consumer lending. Contact mark@finosu.com to see a demo from the founders.