Successful Fintech companies often improve the experience of consumers and related providers such as banks and lenders, reduce costs and enhance data quality throughout the lifecycle of a transaction. However, as they mature, these same FinTechs will require a comprehensive understanding of the highly regulated and constantly changing environment in which they operate. Our attorneys are here to help. Many federal and state regulatory considerations come into play during the business architecture, UX, information gathering, data retention and controls development stages. Our attorneys have significant experience with compliance considerations during the development of new technologies, structuring new business models, developing monitoring and testing frameworks for new AI driven prospect identification and underwriting technologies and with restrictions on data security and information sharing. We have also have found that as they grow many new Fintechs require state licenses unless tweaks are made to the business model, lack adequate compliance management systems and need more fulsome policies and procedures, business and regulatory change management functions, third party and vendor management functions, as well as more mature privacy controls and data security processes.