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Ha, fair enough. The Members Group is a financial services company (serving roughly 2 million members) and is one of our main investors and security partners.
by jslampe 15y ago
Ha, fair enough.
The Members Group is a financial services company (serving roughly 2 million members) and is one of our main investors and security partners. Working together with them, we've been able to provide Grid's distribution for free.
But you do bring up a good point to clarify. While the Grid is free, using our rails is not. In our online and mobile platforms, we charge a flat fee of 25 cents, no matter the size of the transaction. So, when a third party does build on top of our network, we still hold onto that quarter. This is our only fee.
Sorry for misleading you. I'll change the verbiage.
- thinkcomp 15y agoJared, I'm pretty sure your assumptions about what it means to have The Members Group as an investor need to be double-checked. I believe you're still going to need licenses to operate in most states. Aaron
- abrudtkuhl 15y agolicensed for what?
- anamax 15y agodwolla grid looks like it holds and transfers money for people, which sounds somewhat "bankish". (IIRC, paypal managed to skirt that line, at least for a while.) For example, if you do a $15k transaction, do you have reporting requirements?