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The licensing process, which has long been dreaded by financial institutions, is about to get a major upgrade. As Brico steps into its next phase, our goal is simple yet bold- Set a new standard in Financial licensing. Making licensing compliance cheaper, automated, seamless, and—dare we say—joyful. Gone are the days of tedious and manual tasks and skyrocketing costs. With Brico, the process of applying for and maintaining licenses is faster, cheaper, and infinitely more efficient, empowering businesses to focus on what truly matters—growth and innovation.
Before Brico, Financial institutions spent millions of dollars and hundreds of hours manually navigating license applications, regulator responses, quarterly state reporting, and annual renewals. The shift has been remarkable: our customers are already experiencing the impact. For instance, our customers have been able to reduce their licensing costs by 50-60% and automate 80% of the process using our solution.
In just nine months since launching our first product, we've gone from an idea to serving 25 customers, including large FinTechs such as Funding Circle, Bilt, Marqeta. We now support four key license types—Money Transmitter Licenses (MTLs), Lending Licenses, Debt Collection/Servicing, and Mortgage Licenses. Our secret? Relentlessly shipping fast and turning customer feedback into real-time product improvements. The result? A solution that's built by and for the industry, designed to make licensing more joyful.
At the heart of Brico’s success is our incredible team. When you put rockstars together, you get a rocket ship, and I couldn’t be prouder of the entire team. Together, we turned a bold idea into a game-changing platform that is now setting a new benchmark in the world of licensing compliance. With the backing of Pear Ventures, Flourish Ventures, Restive Ventures and Cambrian Ventures, we’re ready to take Brico to the next level. Buckle up—this is just the beginning of our journey to reshape financial licensing forever!
To read more about our fundraise, read Axios exclusive coverage here- https://www.axios.com/pro/fintech-deals/2024/09/11/brico-seed-automate-fintech-licensing
