Justin Fischer
- Founder at RiskScout
GetLatka interview
How RiskScout Grew from $5K Per Month to Nearly $500K ARR Helping Banks Underwrite High-Risk Businesses (Interview with Justin Fischer)
Justin Fischer (Founder of RiskScout) spoke to Nathan Latka on July 14, 2021.
RiskScout figures from the interview
- ARR (2021)
- Approaching $500K
- Total Funding Raised
- $3M
- Bank Customers (2021)
- Under a dozen
- Team Size (2021)
- 15
- Minimum per Bank (2021)
- $5,000 per month
“Well, essentially banks bank, you know, consumers and regular businesses all the time. The higher risk businesses in our world are THC, so cannabis, hemp, CBD, MSBs, which are money service businesses, they move cash, ATMs, and there's about 30 other types. But basically they require a lot of additional due diligence and compliance before the bank can ensure that they can bank them appropriately.”
“So the great thing is we start off small, so we have a $5,000 minimum. So it's enterprise software, right?”
“We have under a dozen banks, we have over a thousand businesses on the system.”
Bio
Justin Fischer is CEO and Co-Founder of RiskScout, a leading company helping financial institutions bank higher risk businesses such as Hemp, CBD, Cannabis, MSB, Private ATMs, Crypto, and many more. Small to medium-sized businesses in higher-risk and specialty markets are not able to access financial services because many providers lack the resources, expertise, or infrastructure to expand their business portfolio into higher-risk markets. This compliance barrier leaves many hard-working entrepreneurs and community businesses without the financial services they need to grow. By helping financial institutions solve complex compliance with technology solutions, RiskScout helps local businesses in higher-risk markets find a community partner that they can trust.