Bank Account Opening

Looking for banking solutions for your Fintech or Money Service Business (MSB)? We’re here to help.

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.

Sectors we support

Fintech
Forex
Crypto
Remittance
Multi-currency account providers
Payment service providers
Cheque cashing businesses

Our services

We will put you in touch 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!
Depending on your needs, we help you get access to payment rails in Canada, the US, UK, Europe, and other key jurisdictions.
We can get you access to CAD, EUR, GBP, USD and other key currencies.
We can get you Interac e-transfer, SWIFT, and SEPA functionality.
We can get you an IBAN account.

How It Works

We make it easier to open an account with a banking provider for your Money Services Business (MSB). Navigating banking regulations for MSBs can be challenging, but we are here to guide you through the process. Here’s how our process works:

Assess Your Needs: We start with a consultation to understand your business, how it operates, and your specific banking needs. This helps us find the right bank for you.
Find the Right Fit: We match your MSB with suitable banking providers, considering your business type and service requirements.
Manage the Process: We handle the application, prepare documents, and communicate with the bank on your behalf. We address any questions and push for priority onboarding.
Get Banked: Once approved, our final deliverable is to ensure your account is set up and ready for operations.

Securing a banking provider for your MSB doesn't have to be stressful. We make it simple, so you can focus on your business.

Money-Back Guarantee

Securing banking for Money Services Businesses (MSBs) is challenging, but our expertise and proven track record set us apart. We stand by our process with a commitment to results. If we are unable to successfully get your MSB banked, we will refund 50% of the service fee—ensuring you receive value even in the toughest cases.
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Let’s navigate the banking landscape together.

Pricing

Book a Free Consultation and get a price quote for your bank account opening.

FAQ

1. Will a banking service provider bank my high risk MSB?

We have a network of banking service providers we work with that have different risk tolerances. We can put you in touch with the right account for you!

2. What are my banking options as a newer MSB?

For newer MSBs, we generally recommend establishing an account with an Electronic Money Institution (EMI) or Canadian Banking-as-a-Service provider. This option is often more economical for companies in the early stages that aren’t handling large volumes of transactions right away. For MSBs with a track record or those affiliated with a well-established foreign business, securing an account with a fintech-friendly bank becomes a more feasible option.

3. Can you help my fintech/payment company get banked with the “big 5” or with a large Canadian bank?

It is fairly difficult but not impossible for a fintech/payment company to get banked with the “big 5” Canadian banks (e.g. BMO, RBC, Scotiabank).

Typically, these institutions will only bank companies that have high revenue potential, a strong compliance program and compliance infrastructure, and have Canadian physical presence.

4. Can you help us obtain US banking rails?

There are a few options for obtaining US banking rails:

BAASs You can get USD banking rails with a European or Canadian BAAS that is connected to US banks in the back-end. The fees are reasonable, these providers will onboard earlier stage companies with less revenue, and their onboarding doesn't take too long (1-3 months usually).The lifecycle we see is for folks to start off here, build a brand and a book of business, and then use that to get a direct account with a US bank (see section 2 below).
Direct Account with US Banks Once you are very well-established, revenue generating, and have a strong compliance program and experienced compliance staff, we can help you get direct access to US banks.The onboarding process can be very long.However, please note that they may expect you to get federal and potentially state-wide MTL licensing as a precondition to offering you an account. This will likely not be a hurdle with the foreign BAASs with USD rails.
Accounts with Offshore Banks Another higher risk option we can explore is getting an account directly with an offshore bank that offers USD rails. A lot of the banks we have in mind are higher risk and are registered by less reputable jurisdictions (e.g. Curasao, Mauritius, etc.). High risk clients have had success here but you need to be aware of the risks (which we can discuss with you if this is something you want to explore).