SOC 2 Readiness Assessmentfor Fintech Companies
Get a SOC 2 readiness score + cost range in under 2 minutes.
See what to fix first before you talk to an auditor.
This is not a certification, audit, or compliance software. It’s a readiness assessment.
What you’ll get
- Readiness score (0–100) + band (Early-stage / Near-ready / Audit-ready)
- Estimated cost range (auditor + tooling + internal effort)
- Top next steps auditors expect (highest impact first)
Free • 2 minutes • Business email required
Deciding audit type? Read the SOC 2 Type I vs Type II guide.
Trust & privacy
- Why free? Built to help early-stage teams understand SOC 2 without sales pressure. No sales calls.
- No login required; business email required to see results.
- Reliability: Estimates are directional ranges based on common SOC 2 readiness patterns. Use as planning guidance, not audit advice.
About: Built by the RiscLens team (contact: reports@risclens.com). Independent SOC 2 readiness project. See Terms and Privacy. No lock-in.
Why SOC 2 Matters for Fintech Companies
Fintech companies operate at the intersection of technology and regulated financial services. Whether you're building payment infrastructure, lending platforms, or wealth management tools, your banking partners and enterprise clients expect rigorous security attestations.
Scenarios that accelerate SOC 2 requirements in fintech:
- •Banking partnerships — Sponsor banks and BaaS providers require SOC 2 as a baseline
- •Processing financial transactions — Payment, ACH, and wire transfer systems face heightened scrutiny
- •Holding or transmitting funds — Money movement creates regulatory and security expectations
- •Enterprise financial tools — Corporate treasury, expense management, and accounting integrations
SOC 2 serves as a common baseline across financial services — it demonstrates that your organization has implemented controls aligned with industry expectations, even if additional regulatory frameworks apply.
About RiscLens
Our mission is to provide transparency and clarity to early-stage technology companies navigating the complexities of SOC 2 (System and Organization Controls 2) compliance.
Who we serve
Built specifically for early-stage and growing technology companies—SaaS, fintech, and healthcare tech—preparing for their first SOC 2 audit or responding to enterprise customer requirements.
What we provide
Clarity before commitment. We help teams understand realistic cost ranges, timeline expectations, and common gaps before they engage auditors or expensive compliance vendors.
Our Boundaries
We do not provide legal advice, audit services, or certifications. Our assessments support internal planning—they are not a substitute for professional compliance guidance.
SOC 2 (System and Organization Controls 2) is a voluntary compliance standard for service organizations, developed by the AICPA, which specifies how organizations should manage customer data based on the Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy.
Common SOC 2 Readiness Challenges for Fintech
1. Overlapping Regulatory Requirements
Fintech companies often navigate multiple compliance frameworks — PCI DSS for card data, state money transmitter licenses, GLBA for consumer financial information, and more. Mapping SOC 2 controls to existing regulatory requirements helps avoid duplication while ensuring comprehensive coverage.
2. Financial Data Classification
Account numbers, transaction histories, bank credentials, and PII require precise classification and handling procedures. Auditors evaluate how you identify, label, and protect sensitive financial data throughout its lifecycle — from ingestion to deletion.
3. Third-Party API and Banking Integrations
Fintech products typically integrate with banking APIs, payment networks, and data aggregators. Each integration creates security boundaries that must be documented. Auditors assess how you secure API credentials, handle webhook payloads, and manage data flows across system boundaries.
4. Transaction Integrity and Audit Trails
Financial transactions demand immutable logging and reconciliation capabilities. SOC 2's Processing Integrity criteria evaluates whether transactions are processed accurately, completely, and in a timely manner — with audit trails to prove it.
5. Incident Response for Financial Systems
Security incidents in fintech carry regulatory notification obligations and potential financial liability. Your incident response plan must address fraud detection, transaction reversal procedures, and communication protocols with banking partners and regulators.
SOC 2 FAQs for Fintech Companies
How does SOC 2 relate to PCI DSS?
SOC 2 and PCI DSS address overlapping but distinct requirements. PCI DSS specifically covers cardholder data protection, while SOC 2 is broader — covering organizational security, availability, and confidentiality. Many fintech companies need both. Where requirements overlap (access control, encryption, logging), evidence can often satisfy both frameworks with proper mapping.
Do banking partners accept SOC 2 in lieu of their own audits?
It depends on the partner. Many sponsor banks and BaaS providers accept SOC 2 Type II as a baseline security attestation, though they may layer additional requirements on top. Some conduct their own vendor assessments regardless. Having SOC 2 in place typically streamlines these conversations and reduces duplicative audit requests.
Which Trust Service Criteria matter most for fintech?
Security is mandatory. Beyond that, fintech companies commonly include:
- •Processing Integrity — critical for transaction accuracy and reconciliation
- •Availability — if you have uptime commitments for payment processing
- •Confidentiality — for handling non-public financial information
- •Privacy — if you collect consumer financial data subject to privacy regulations
How does handling financial data affect SOC 2 scope?
Financial data — account numbers, transaction records, balance information — typically requires enhanced controls around encryption, access management, and data retention. Auditors pay close attention to how you segregate and protect financial data, both at rest and in transit. Expect detailed questions about your data flow diagrams and encryption key management.
What about state and federal regulatory requirements?
SOC 2 does not replace state money transmitter licenses, federal banking regulations, or consumer protection requirements. However, many controls required by regulators align with SOC 2 criteria. A well-structured SOC 2 program can provide evidence for regulatory examinations, though you should work with compliance counsel to understand your specific obligations.
How long should fintech companies budget for SOC 2?
Fintech SOC 2 timelines often extend beyond typical SaaS companies due to regulatory complexity:
- •Readiness phase: 4–8 months for companies with existing compliance programs
- •Type I audit: 6–10 weeks once controls are implemented and documented
- •Type II observation: 6–12 months of operating history required
Starting early is particularly important for fintech — banking partner timelines often don't flex for compliance delays.
Ready to evaluate your fintech company's SOC 2 readiness?
Start your free assessmentSOC 2 readiness for other industries: SaaS Companies