161–170 of 265 posts
Super interesting from a business perspective, but can’t help but think of the personal front too. While it may be difficult to execute safely/cheaply, just the idea rolling my own personal checking account is phenomenal.
What features are you looking for? If you have an account at Capital One (or most other major banks) you can get pretty good control over it thru Plaid.
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There are many financial services companies which are supportable. For example, Clearbanc, a financial services company, uses multiple Stripe products. We try to help users by offloading some of the regulatory and compliance work to us, but as you are aware regulation in financial services is complicated and nuanced. I can’t speculate on each possible use case serially, but we’re interested in hearing specifics and t…
> Clearbanc, a financial services company, uses multiple Stripe products If Clearbanc tried to use a Stripe product today, it obviously uses the words "investor" and "Fund me" on its landing pages, "democratize access to capital," - so it sounds like crowdfunding, even though I know Clearbanc's business isn't. Your contractor compliance team would say no, but a Stripe W2, who is equipped for this kind of nuance, woul…
Or are you trying to say that a Stripe customer would be in violation of Stripe's policies, if they used this facilitaton-of-loans to provide loans to their own customers?
Because I think the first statement is obviously false; and the second statement is obviously true, but vacuous — in that that's not the service that Stripe is offering. (Or, I mean, it could be in special cases, but it's not pitched that way because for most companies doing that would be a legal impossibility.)
Obviously, Stripe can hook your company up with a bank; and obviously, that bank can offer your company some loans. Those two processes, separately, are entirely normal things that happen every day in the financial world. Combining them doesn't change that.
Obviously (to me, at least), your company cannot take a loan offered by a bank, and repackage that same loan to your own customers as part of your offering as if it was from you, with your company controlling+mediating that relationship — at least, not without you yourself being legally reclassified as a bank. (Which is why that's not what Stripe itself is doing here. They're just facilitating already-legitimate transactions between banks and businesses, without owning or mediating those transactions.)
And that fact has nothing to do with any company's policies, Stripe's or otherwise; that just has to do with what activities are only legal for banks to do. Stripe isn't filtering these customers out. They're just telling them that they can't take do X with service Y Stripe provides, because they're not banks, and only banks can legally do X, regardless of how.
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Stripe Treasury does not violate our terms, and allows SaaS platforms (and similar) to provide their business users with access to capabilities which are regulated with those capabilities fulfilled by entities with the appropriate licensing and backed by our financial partners. This is similar to how our Connect product lets our regulated entity do money transmission on behalf of a demand economy company without them…
> Goldman Sachs is one of our financial partners for Stripe Treasury Does Goldman Sachs' misreporting of millions of transactions to the FCA align with Stripe's business ethics policy?
That policy has 2 clauses.A)Generate more money. B) Generate more publicity. The rest is glitter to bamboozle you.
Bit of an aside, but as a new entrepreneur selling physical products ( https://narwallmask.com ) I've been surprised by how much time I spend banking. Moving money around is way more of a headache than I would have anticipated. And that's before you even get into questions of working capital etc. As a former eng at Stripe who didn't know this product was coming, I'm very excited to see what gets built on top of it, a…
Bit of an aside, but as a new entrepreneur selling physical products ( https://narwallmask.com ) I've been surprised by how much time I spend banking. Moving money around is way more of a headache than I would have anticipated. And that's before you even get into questions of working capital etc. As a former eng at Stripe who didn't know this product was coming, I'm very excited to see what gets built on top of it, a…
Did you design the mask from scratch, or is this a rebrand of an existing product?
It's based on a full face snorkel mask, with a few adaptors for filters (instead of water) that I designed with the help of an industrial engineer and the manufacturer of the snorkel mask.
Goal was to reuse existing design and injection molds to reduce cost and increase speed to market (wanted to get them out in July, took till November!)
Bit of an aside, but as a new entrepreneur selling physical products ( https://narwallmask.com ) I've been surprised by how much time I spend banking. Moving money around is way more of a headache than I would have anticipated. And that's before you even get into questions of working capital etc. As a former eng at Stripe who didn't know this product was coming, I'm very excited to see what gets built on top of it, a…
What a fascinating device! Did you find that airlines are willing to accept it? They no longer accept my half-mask respirator with P100 filters.
Usually yes - sometimes the gate attendant doesn't understand that the exhale is filtered (I assume this was the problem with your respirator). We have guidance on that here:
There's a reason "marketplaces" get a call out on this landing page. Every single startup that has to manage buyers and sellers ends up needing to implement their own bespoke "treasury" operations. There are other players in this space (Modern Treasury for example), but obviously the distinct Stripe advantage is integrating with the payment stack. This would have saved years of development efforts and maintenance on…
Outsourcing KYC is a questionable decision though - I’m wondering how much of a black box that is or you get the same info as if you implemented it yourself. There’s always false negatives for systems like this, and if Stripe wrongly tells you someone is good then are you liable for acting on that decision?