Plaid CEO has some words for Stripe: https://twitter.com/zachperret/status/1521898404061716480
Reminds me of the HN thread full of anon $XB Fintech CEOs bashing Stripe.
Stripe Financial Connections
121–130 of 263 posts
Re: Stripe Financial Connections
#122Let me just say Stripe's design team is doing an absolutely amazing job.
Someone has been studying a great business leader on a strategic level (as well as
a design level).
Stripe: 'We have always been shameless about stealing great ideas'Re: Stripe Financial Connections
#123Only available in the US.
Re: Stripe Financial Connections
#124Earlier quoted context omitted.
We've found that Plaid only leverages around 3-4 Direct API connections for some reason, why other aggregators like MX, Finicity, Yodlee all have 10+. It seems suspect to me because Plaid doesn't seem to be prioritizing the protection of user credentials the same way others are.
This is false. Hundreds of banks have built out api's on plaid exchange: https://plaid.com/plaid-exchange/
Yeah, at this point the majority of API requests that Plaid fulfills are filled with data provisioned from institutions via an API. I assume that OP was only looking at named banks who we did press releases with (e.g. Chase, Wells Fargo, Capital One) but there are many more financial institutions we have API integrations with beyond that, either via Plaid Exchange or via their own APIs. [I work at Plaid]
Re: Stripe Financial Connections
#125Earlier quoted context omitted.
Plaid founder here. Stripe does not integrate with any bank API's directly (AFAICT). They wrap two aggregators, MX and Finicity to build this product. (Also, not sure what MX products they are using, but MX itself is an aggregator of aggregators, including others such as Yodlee.) On pricing, Stripe's listed rates are 30-200% higher than Plaid rates (perhaps due to high vendor costs). That said, if anyone does have fe…
You seem pretty clueless about your competitors and you are talking poorly, very openly about them here Zach. That is not a good look in any way and reflective of a poor corporate culture. If MX and Finicity are aggregators of aggregators, that would still mean Plaid would benefit, right? Maybe you (and your sales team) do not know your competition. Publicly airing grievances as well against Stripe, who you could pot…
Creating a throwaway for this (potentially valid) criticism destroys any credibility you may have.
Re: Stripe Financial Connections
#126Earlier quoted context omitted.
It's unlikely Stripe has access to any APIs that Plaid doesn't also have access to.
We've found that Plaid only leverages around 3-4 Direct API connections for some reason, why other aggregators like MX, Finicity, Yodlee all have 10+. It seems suspect to me because Plaid doesn't seem to be prioritizing the protection of user credentials the same way others are.
In this thread you've accused the founder of Plaid multiple times of lying, without evidence, and most importantly, your account was made only 1 hour ago.
You've said "Stop lying bro.", "hella sus", "This is 100% a lie", "seems suspect", all without evidence.
You seem to have some ulterior motive here that you haven't disclosed. Maybe you're right about everything, but it comes across poorly.
Re: Stripe Financial Connections
#127Is this good news or bad news for Plaid?
This is bad. Stripe doesn't have to provide the best service here. A lot of companies already use Stripe making the barrier to trying this out very low. Likewise for startups, if you're already trying out Stripe billing for your MVP you're more likely to use another Stripe product than to try out Plaid.
Yeah exactly this, Plaid is probably in for a rough ride long term. Stripe will likely steamroll them.
Re: Stripe Financial Connections
#128Earlier quoted context omitted.
EDIT: The accused person has denied these allegations, claiming that Plaid reached out to Stripe (not the other way around) and that the RFPs were because Stripe invited Plaid to be part of the product: https://pbs.twimg.com/media/FR8FjJ9VsAAMY_k?format=jpg&name=... > Wow! Jay, you took interviews with Plaid & asked probing questions multiple times over the past few years, and your team sent repeated RFP's (under NDA…
They are not describing a job interview. They are describing a product interview between businesses for some sort of partnership.
Right, but that doesn't imply malicious intent and it doesn't disqualify them from building their own.
Talking to companies about their product and then later deciding you'd rather build your own isn't really surprising. Plaid was definitely aware that Stripe was a potential competitor going into those meetings.
Re: Stripe Financial Connections
#129I wonder how this compares to Column, since the founder of Column also cofounded Plaid. I see both founders' comments in this thread it looks like but the Column founder doesn't seem too happy about it [0].
There also seems to be some vindication by the Bolt founder, based on his Twitter thread about how Stripe handles corporate development [1][2], it really reminds me of Paul Graham's essay not to talk to them, lest the same thing happen to you [3].
[0] https://twitter.com/pitdesi/status/1521915016668090368
[1] https://twitter.com/theryanking/status/1485784823641755648
Re: Stripe Financial Connections
#130Earlier quoted context omitted.
I’m surprised they had this information so easily at hand. How did they even know that? They saw the tweet and the first thing that comes to mind is to query all the people they’ve interviewed?
It wasn’t some IC interviewing for a job, it was a representative of Stripe and Plaid doing a product interview for a possible partnership.
Interesting. I'm much less sympathetic, then. I would imagine that kind of situation would be far more formal, with lawyers from both sides present, and, to be frank, this kind of information gathering an expectation. It would be pure naivety for it not to be - these are multibillion dollar companies talking to each other!
On the other hand, if I, a random hypothetical engineer, were interviewing someone for a team, in a 1-1 situation, and they asked about what I worked I'm, I'm naturally going to be less guarded nor really prepared to sufficiently redact my answers.