If we're adding a wallet service within an existing service based app, are there any regulatory issues that we'll run into? Are these apps considered banks?
I've been lending capital, consulting and raising capital in the B2C lending space since 1998; generally AFS [Alternative Financial Services - both collateralized & noncollateralized. [Think payday loans, car title loans, installment loans...] Started with a brick-n-mortar and transitioned to online. If you're planning to lend, you face a multitude of regulatory hurdles and compliance challenges on both the federal and state/province level.
If you're "holding" funds, you face the same challenges. Google "Fintech - fill in the blank" and you will begin to comprehend the reg issues.
What "service" are you offering? Take a look at Dave.com for some BG on what I'm referring to.
You have not offered enough detail to dive deep into your question.
Best,
Jer Trihouse Consulting
