SOC 2 for fintech companies

Fintech lives at the intersection of several assurance regimes. Here's how SOC 2 fits alongside SOC 1, PCI DSS, and banking-partner due diligence — and how to avoid paying for the same testing twice.

SOC 1 vs. SOC 2: which does fintech need?

The confusion is endemic, so settle it early: SOC 1 covers controls over financial reporting (relevant when your service affects clients' financial statements — think payment processors, payroll, lending infrastructure). SOC 2 covers security, availability, and confidentiality of the system itself. Many fintechs need both — and the same auditor can usually perform them together, sharing fieldwork.

The PCI DSS overlap

If you store, process, or transmit cardholder data, PCI DSS isn't optional. The good news: PCI and SOC 2 share substantial control ground (access control, logging, change management, network security). Firms like KirkpatrickPrice, 360 Advanced, and Schellman hold both SOC and PCI assessment credentials — ask for a coordinated proposal rather than two separate engagements.

What bank partners actually ask for

Banking-as-a-service partners and enterprise fintech buyers typically want: a current SOC 2 Type 2 (Security + Availability + Confidentiality at minimum), evidence of penetration testing, an incident response plan they've actually tested, and sometimes a SOC 1 if you touch their general ledger. Get the partner's vendor-security checklist before scoping the audit — it defines your criteria list.

Fintech scoping advice

• Include Availability and Confidentiality from the start — fintech buyers almost always ask, and adding them later means re-testing.
• Map subservice organizations early. Your cloud provider, KYC vendor, and payment rails all land in the report as subservice orgs — with their own SOC reports referenced.
• Budget for the bundle. Fintech Type 2 examinations with PCI coordination land higher than vanilla SaaS SOC 2s — use our cost guide and get coordinated quotes.
• Ask about financial-services experience. Auditors who know 23 NYCRR 500 (NYDFS cybersecurity regulation) and FFIEC expectations will scope you correctly the first time.