Client Overview:
LLB Finanzas (f/k/a Let’s Bit) is a leading fintech based in Argentina, offering a range of financial services, including crypto brokerage and payment processing. As part of its. expansion strategy, LBF sought to enter the U.S. market by securing money transmitter licenses (MTLs) to establish direct payment infrastructure.
The Challenge:
Expanding into the U.S. presented significant regulatory hurdles for LBF. Navigating the complex licensing process was both time-consuming and costly. The company initially consulted with U.S.-based lawyers, but the high legal fees—often ten times more expensive than in Latin America—posed a major financial challenge. Additionally, the lack of internal expertise in U.S. financial regulations made it difficult for LBF to ensure compliance efficiently.
Brico’s Solution and Results:
Brico provided LBF with expert licensing and compliance support, streamlining the MTL application process. Brico’s team guided LBF through each step, from document preparation to regulator interactions, significantly reducing the complexity and burden of obtaining licenses.
Key benefits LBF gained from Brico’s services:
- 50% faster time to market: LBF took advantage of Brico’s automated platform with smart data mapping, accelerating their license applications.
- 90% reduction in fees: Brico’s intuitive, simplified platform contains easy-to-follow guidelines, templates and best practices, making Brico 1/10 the cost of a US law firm.
- Continuous license management in platform: LBF enjoys ongoing peace of mind, knowing that Brico is monitoring regulations and helping keep their licenses compliant.
- Regulatory expertise: Brico’s human-in-the-loop experience meant LBF could speak to licensing experts with invaluable insights into U.S. financial regulations.
With Brico’s assistance, LBF successfully obtained MTLs, allowing it to expand operations into the U.S. and offer seamless payment solutions to its customers.
Client Testimonial:
“Brico was instrumental in helping us navigate the U.S. MTL process. Their payments and crypto subject matter expertise plus hands-on support made the entire process far more manageable. The direct interaction with Brico’s team of experts, combined with the platform, simplified and expedited our application process. Thanks to Brico, we are positioned for growth in the U.S. market.”
— Santos Barrio, Co-Founder of LB Finanzas
