If at first you don’t succeed, try, try again
Unfortunately, our launch in October 2017 was not successful. Upon receiving the go-ahead from the regulator, our bank decided to pull out last minute. They spent 3 weeks giving incoherent excuses trying to make it sounds like it’s our fault that they don’t want to bank us. Ultimately, we found out throughout he grapevine that they had lost their GBP correspondent banking relationship, meaning the bank could no longer send or receive payments denominated in Pound Sterling. Coincidentally, a few months later the governor of their Central Bank was sacked.<< PreviousNext >>
Despite this depressing set-back and despite the depressing weather, we set out on a quest to find a more reliable banking partner and luckily it took us approximately 6 weeks, which included the December holiday season. We finally managed to launch the regulatory sandbox test at the end of February 2018. A delay of 4 months.
To avoid finding ourselves in the same situation, we are continuing to pursue banking relationships with banks across Europe. We are going through the onboarding process with 2 European banks and would like to start talking to banks further afield in the coming months.