Why ThinkMakes is Not (Yet) a Real Bank
Banking Regulations, Licenses, and Our Current Model
Complete transparency about what we are, what we're not, and the path forward
What ThinkMakes Bank is NOT
We do not have a bank charter from the OCC (Office of the Comptroller of the Currency)
Traditional FDIC insurance requires a bank charter, which takes years and millions to obtain
We don't hold your money directly - it's held by our partner banks
What ThinkMakes Bank Actually IS
You Use ThinkMakes
You interact with our easy-to-use platform, apps, and interfaces
We Partner with Real Banks
Behind the scenes, we use banks like Blue Ridge Bank, Evolve Bank & Trust, or Sutton Bank
Your Money is Protected
Your deposits are held at our partner banks and ARE FDIC insured up to $250,000
We Provide the Experience
We build the innovation platform, marketplace, trading, and user experience
How We Compare to Other FinTechs
| Company | Business Model | FDIC Insured? | Real Bank Charter? |
|---|---|---|---|
| Chime | FinTech partner with Stride Bank & Bancorp Bank | Yes (through partners) | No |
| Cash App | FinTech partner with Sutton Bank & Lincoln Savings Bank | Yes (through partners) | No |
| Venmo | FinTech owned by PayPal, partners with The Bancorp Bank | Yes (through partners) | No |
| SoFi | Acquired bank charter in 2022 (after 10 years) | Yes (direct) | YES - now a real bank |
| Varo | Obtained bank charter in 2020 (first U.S. fintech to do so) | Yes (direct) | YES - now a real bank |
| ThinkMakes | FinTech partner with licensed banks | Yes (through partners) | No (not yet) |
The Path to Becoming a Real Bank
Why This Matters (And Why It's OK)
✅ Your money is safe: It's held at FDIC-insured partner banks, just like Chime, Cash App, and Venmo
✅ We're following the proven path: Start as FinTech, build user base, then get bank charter (like SoFi and Varo did)
✅ This is the smart way: Getting a bank charter first takes $20M+ and 5 years. Building product first proves demand.
✅ We're transparent: Unlike some competitors, we're telling you exactly how it works
🎯 The goal: Once we have millions of users and proven revenue, we'll apply for our own charter
Money Transmitter Licenses
- Required in 48 states
- Cost: $5K - $50K per state
- Surety bonds required ($10K - $1M per state)
Partnership Agreements
- Partner with OCC-chartered banks
- They handle FDIC insurance
- They hold customer deposits