The Challenges of Starting a New Bank

Starting a bank like Fortuna involves navigating a complex and lengthy process that can take years to complete. Fortuna's founders faced numerous obstacles, including raising $20 million in capital, complying with regulatory requirements, and setting up essential banking infrastructure. The founders, Lisa Berger and Ilaria Rollins, quickly learned that establishing a new bank is labor-intensive and requires meticulous planning, from developing a business model to determining operational details like overdraft protection. Their venture also reflects a declining trend in new bank establishments, with only six banks starting in contrast to over 100 annually before the 2008 financial crisis.