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Our users are financial technology companies. They build things like payroll, loan servicing, business payments, consumer payments, investment platforms, and ne
by darraghbuckley 4y ago
Our users are financial technology companies. They build things like payroll, loan servicing, business payments, consumer payments, investment platforms, and neo-banks.
When we built Stripe, one of the largest points of friction was getting a banking partner. It took months and only after signing were we even able to start assessing the technology. There are so many potential companies that simply don't make it past the partnership step. We want to fix that.
The US needs a bank (holding a bank charter) that's also a technology company. Increase certainly isn't there yet (patches welcome: jobs@increase.com) but we already have integrations with the Federal Reserve, Visa, and The Clearing House. Our API already serves businesses you know and love.
- mousetree 4y ago> The US needs a bank (holding a bank charter) that's also a technology company. Do you have plans on becoming a bank and getting a bank charter then? I've worked with several payment processors and BaaS providers that are most definitely not on that path. (CTO at neo bank).
- abrylov 4y agoDo you really have an integration with the Federal Reserve and the Clearing House or do you have an integration to a bank that has it? Last time I checked at least one of them required participants to be a chartered financial institution.