Twitter's Alex Payne quits, heads onto something new.
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Re: Twitter's Alex Payne quits, heads onto something new.
#2Pretty shocking, especially considering the equity he's presumably walking away from. More power to him.
Re: Twitter's Alex Payne quits, heads onto something new.
#3Pretty shocking, especially considering the equity he's presumably walking away from. More power to him.
I doubt he's walking away from much equity at all. He's been with Twitter a long time. If he isn't 100% vested, he's got to be pretty close.
Re: Twitter's Alex Payne quits, heads onto something new.
#4We've had the bank discussion here before, and some of it seems to come down to the fact that banks are required to do a lot of regulatory stuff that is not 'simple'.
Re: Twitter's Alex Payne quits, heads onto something new.
#5I've wanted to do something very much like this in a future startup. Banking does suck.
Unfortunately, it's debatable how much of banks' suckiness is avoidable. Retail banking is caught in a vice-grip between fierce competition for low margins and government regulations. For example, from what I understand you pretty much have to run mainframes with certain antiquated, government-approved software to process stuff through ACH. KYC rules prevent extremely efficient account openings. Etc, etc.
I'll be curious to see how this goes.
Re: Twitter's Alex Payne quits, heads onto something new.
#6SimpleBank looks interesting - I assume this is a 'virtual' bank and they are just reselling some other bank but putting their interface on it.
Anyone know any details?
Re: Twitter's Alex Payne quits, heads onto something new.
#7[deleted]
Re: Twitter's Alex Payne quits, heads onto something new.
#8I've wanted to do something very much like this in a future startup. Banking does suck. Unfortunately, it's debatable how much of banks' suckiness is avoidable. Retail banking is caught in a vice-grip between fierce competition for low margins and government regulations. For example, from what I understand you pretty much have to run mainframes with certain antiquated, government-approved software to process stuff th…
The amount of banking suckage is very dependent on what country you live and bank in (I say this from experience of living in the UK and the US). I'd be really interested to know how much of the variance is due to local laws, and how much is just "this is the way we've always done things here".
Re: Twitter's Alex Payne quits, heads onto something new.
#9We've had the bank discussion here before, and some of it seems to come down to the fact that banks are required to do a lot of regulatory stuff that is not 'simple'.
startups like WePay seem to be overcoming this.
Re: Twitter's Alex Payne quits, heads onto something new.
#10Pretty shocking, especially considering the equity he's presumably walking away from. More power to him.
I doubt he's walking away from much equity at all. He's been with Twitter a long time. If he isn't 100% vested, he's got to be pretty close.
Yeah but would it be worth anything pre-IPO?