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Be aware of the hidden risks of Fintech banks backed by regular banks. 

Be aware of the hidden risks of Fintech banks backed by regular banks. 



In this case, a middleman company which held much of the funds went bankrupt, causing the deposits not to be covered under the FDIC insurance program.



I'm shocked that Fintechs aren't required to disclose that they use a middleman which exposes them to this great risk. 



Fintechs falsely claim that customers funds are safe in FDIC insured accounts. If a middleman company is used, this isn't true.


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