What is the purpose of a Finco?

What is the primary purpose of a Finco, and how does it contribute to the overall financial ecosystem? Could you explain in detail how it operates, the services it offers, and the advantages it provides to both individuals and businesses alike? Is there a specific use case or scenario where a Finco is particularly beneficial or necessary? Additionally, what sets a Finco apart from other financial institutions, and what regulatory considerations must it adhere to in order to function effectively?