Complete Guide to Banking Partnership for Fintech Startup

Learn top benefits of banking partnership for fintech startups in this comprehensive blog. Learn how to build strategic relationships with banks to improve payments systems, compliances, and expand reach. And how to find the right banking partners and consultants.

Pouya Makki
May 30, 2024

For Fintech Startups, partnering with traditional banks isn’t just essential but beneficial. Fintech startups should not see traditional banking systems as competitors but more as allied partners that can help them navigate complex financial landscapes successfully.   

Most traditional banks not only offer the required financial infrastructure to the startups, they also lend credibility and stability to the operations - a critical component in the sector where trust and reliability is paramount. 

From sophisticated payment systems to qualifying rigorous compliances of the global financial systems, the benefits of the partnerships are manifold. 

By partnering with the right bank, fintech startups can 

  • enhance their offerings
  • increase their reach and 
  • solidify their position as a trusted and reliable business in the competitive world. 

Let’s explore the benefits of Fintech startups partnering with the banks, and how to partner with banks for catalyzing growth. 

6 Key Benefits of Banking Partnerships for Fintech Startups

55% of traditional banks feel that in the next 3 years partnering with Fintech would be one of the most important strategic decision for the banks. 

Below are the key benefits for Fintech to partner with banks 

  1. Access to Payment Systems: Banks are able to provide systems to connect your fintech services to your customers. Payment systems like Interac e-Transfer, SWIFT, and Electronic Money Transfer (EMT) are all enabled by a bank partner.

  1. Transaction Processing: Banks control the movement of money in the financial world. Your fintech business will in some capacity rely on a bank to exchange currency, make or accept payments, and move funds. Almost all transactions your fintech company conducts are facilitated an

  1. Compliance Made Easier: Many jurisdictions around the world regulate the financial services sector to curb illegal and fraudulent activity. In Canada, regulators like the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have strict rules in place to prevent money laundering and terrorist financing.

    Having a bank account with a reputable bank is a crucial fragment of honoring your fintech company’s legal compliance obligations.

  1. Building Trust: In the age of online company rug-pulls and exit scams, it is no surprise that regular customers are a bit wary and cautious of fintech solutions. When partnering with a reputable bank, your customers benefit from a heightened level of trust, knowing that their funds are in safe hands.

    Further, your customers will gain confidence in your fintech companies’ compliance and financial security practices, which helps build trust as well.

    By partnering with reputable banks, your customer is more likely to trust your fintech company and choose you over a potential competitor.

  1. Meeting Reporting Obligations: As a fintech business, you are required to report certain financial transactions to regulatory authorities like FINTRAC. With a bank account, you may get access to tools and support that make it easier to fulfill these reporting requirements.

    Alternatively, if you would like us handling these obligations on your behalf, please refer to our “Premium” Fractional AML Service for more information.

  1. International Operations: For fintech companies with international operations, or aspirations to expand into new jurisdictions, possessing an international bank account can help facilitate cross-border transactions, remittance, and payroll functions.

How to Find the Right Banking Partner for Your Fintech Startup

The ideal banking partner should not only facilitate transactions to a startup, but should also support growth, compliance and expansion efforts required to scale operations.

“Big banks have a large and established customer base, which can provide fintechs with access to a wider audience, This offers fintechs the opportunity to form strategic partnerships, helping to expand their product offerings, access new markets and gain valuable industry insights.”  - David Brear, CEO of fintech consultancy [1]

Here is how to identify the right banking partner 

  • Assess Compatibility: Partner with the banks that have previously worked with fintechs or that are inclined towards new technology and innovations in their banking solutions.

  • Evaluate Integrations: Integration with traditional banking systems could be a cumbersome task, look out for banks that provide APIs or integration support.

  • Consider Regulatory and Compliance Support: Choose a bank that offers regulatory and compliance support in your operating regions and can help the business in compliance, especially concerning anti-money laundering (AML) policies.

  • International expansions: Banks with strong international networks and multi currency offerings, help you scale your operations quickly.

  • Reputation and Trust: As mentioned earlier, finance businesses are more than often run on trust and reputation. Look for banks that are known for reliability and customer service to handle any complex relationships with ease.

How Renno Fintech Can Help you Partner with the right Bank

Once you understand what to look for in a banking partner, Renno Fintech is here to bridge the gap between your fintech business and the ideal banking solutions. Our services include:

Renno Fintech is proud to support Money Service Businesses (MSB) get banked in Canada and abroad. Expanding your business operations to Canada can be challenging, but getting banked doesn’t have to be.

We leverage our deep Canadian and international banking connections to get your company banked ASAP.

  • Bank Account Setup and support

    Connecting you with a bank or banking-as-a-service provider that is suitable for your business. We will initiate the conversation and advise you throughout the onboarding process. Our ultimate goal is to get you banked and ready to do business!

    Here are other support we help you with -
    • Help you get access to payment rails in Canada, the US, UK, Europe, and other key jurisdictions. 
    • Get you access to CAD, EUR, GBP, USD and other key currencies.
    • Get your Interace-transfer, SWIFT, and SEPA functionality.
    • Get you an IBAN account.

  • AML Policy and Compliance Ready

    Tailoring your AML policies to meet the stringent demands of your banking partners.
    • Peparation of your AML Policies from Scratch: If you don’t have existing AML policies, we will prepare tailor-made policies for you from scratch that are ready for your target banking partner.
    • Major Revisions to your AML Policies: If we have to make major substantive changes to your AML policies, pricing will depend on the level of changes required to have your AML Policies ready for your target banking partner.
      Sometimes, the AML policies our clients provide us are in such bad shape that it would be easier for us to prepare them from scratch. If this occurs, only the Platinum Service is available as an option.
    • Minor Revisions to your AML Policies: Only if your AML policies are in perfect or near perfect shape and require only minor revisions, if any.
  • Multi-Currency and International Banking Facilitation

    Providing access to essential financial services across key global jurisdictions, ensuring that your fintech can operate smoothly, wherever your business grows.

  • Pricing and Guarantee

    All our services come at a transparent, fixed rate of $2,000 USD. We're so confident in our ability to secure your banking setup that we offer a full refund if we can't meet your banking needs. - Know more

Setting up a bank account for your fintech with is a streamlined and transparent process. Our goal is to equip you with the right solution as quickly and efficiently as possible. 

  • Initial Documentation Collection
  • Review of Your Documents
  • Preparation/Amending of Your AML Policies
  • Bank Account Setup

Download Detailed Bank Account Setup Timeline and Process for Fintech Startup 


At Renno Fintech, we understand that setting up the right banking infrastructure is critical for your success. This detailed process ensures that by the time you complete these steps, your fintech startup will not only have a functional bank account but also robust AML policies and a solid foundation for financial operations. Contact us today to begin your journey toward financial empowerment.

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