Client Overview
Bilt is a fast-growing housing and neighborhood commerce network that transforms spend into rewards and benefits. As the company sits in the flow of funds between renters and property managers, Bilt’s compliance team needs to manage a nationwide money transmitter licensing (MTL) program—without overextending internal resources.
The Challenge:
Bilt had applied for money transmitter licenses nationwide and knew that maintaining the licenses was going to be a big lift. The team was juggling other mission-critical priorities like AML program development, but, as a startup, hiring a dedicated licensing headcount wasn’t viable. Moreover, the compliance team was aware of the risks of manual tracking and siloed knowledge, and wanted to a source of truth to de-risk the business.
Brico’s Solution and Results:
Brico offered a purpose-built solution to manage Bilt’s MTLs at scale. Combining intuitive software with a team of licensing experts, Brico gave Bilt confidence in their compliance program—without having to add headcount.
Key benefits Bilt gained from Brico’s services:
- No more deadline anxiety: Brico’s platform surfaces upcoming tasks in advance, eliminating the need for Bilt’s team to track due dates manually.
- Licensing change management: Brico monitors licensing regulations in all 50 states, ensuring you are on top of the ever-shifting requirements plus advanced change notices.
- Expert guidance on regulatory nuance: Brico’s team helped interpret ambiguous state requirements and reporting language, making it easier to get things right the first time.
- Free up internal resources: With Brico managing license maintenance, Bilt’s compliance team can focus on strategic areas like AML oversight and partner enablement.
- Collaborative, human support: Brico’s approachable, experienced team bring deep relationships with state regulators in addition to practical advice.
Client Testimonial:
"I have to put zero thought into what deadlines are coming—Brico just handles it. I get peace of mind, and more importantly, my team gets precious resources back. Brico’s team has the expertise and regulator relationships that make all the difference."
— Cassandra Schwedfeger, Director of Regulatory Enablement at Bilt Rewards, APRP, CFCS
