Are there any costs? Is it all free? And you make money on deposits like any ordinary bank?
Column – a chartered bank for developers
251–260 of 299 posts
Re: Column – a chartered bank for developers
#252Earlier quoted context omitted.
I think many starts ups are "rich people" self funding (or are parental funded). For instance Microsoft and Bill Gate's and Paul Allen's helped them out a lot. Ditto with Mark Zuckerberg, Elon Musk's Tesla & Space X, Warren Buffett's Berkshire Hathaway. You'll notice everyone aforementioned attended an Ivy League university.
Elon Musk did not found Tesla. He joined later after making an investment. Founded in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors, the company's name is a tribute to inventor and electrical engineer Nikola Tesla. In February 2004, via a $6.5 million investment, X.com co-founder Elon Musk became the largest shareholder of the company and its chairman. He has served as CEO since 2008. [0] [0] https…
Give it a few months and musk will also be a Twitter founder
Re: Column – a chartered bank for developers
#253Solid Financial Technologies pretty much does this and has a number of companies as customers. Here's the API for enrolling Persons, Businesses, doing KYC/KYB, creating bank accounts, issuing virtual/physical credit cards, letting customers use credit cards, do ACH / wire transfers, ... accounts in US$ or ETHER or DOGE or other crypto ... everything a startup or established company needs for providing financial experiences to their customers: https://www.solidfi.com/docs/introduction?&_ga=2.45803424.50...
EDIT: physical/virtual credit cards
Re: Column – a chartered bank for developers
#254Earlier quoted context omitted.
Hi, I am an engineer at Unit.co, a company that also builds Banking as a Service. We use PostgreSQL as database, and currently thinking about adding ElasticSearch to allow our users to do text search.
Friend, its in poor taste to hijack a question about a competitors product to spruik your own - I would be less likely to consider Unit.co as a result of what you're doing here.
My answer was written with the intention of helping others and sharing my knowledge with fellow engineers, I enjoy talking about tech and engineering and even thinking of writing a blog post about it.
Re: Column – a chartered bank for developers
#255If this is a US-only service, it should say so on the website somewhere. I've also had this experience with e.g. Betterment and Wealthfront. The only way to find out they're US-only is halfway through sign up process, not even anywhere in FAQ's.
The first line under the main heading starts with "The only nationally chartered bank...". That, combined with the dot com domain, implies pretty heavily that it's a US only thing. At least, it did for me.
Plus it says FDIC at the top.
Re: Column – a chartered bank for developers
#256Earlier quoted context omitted.
> must have taken many years and many, many millions of dollars I don't have any inside knowledge, and obviously you can burn many millions even with a small team but: "We started building Column in 2019 and launched in 2022." [0] "We’re only six engineers (seven if you count me…but I’m a weekend code pusher)" [1] [0] https://column.com/company/ [1] https://column.com/blog/hiring-at-column/
Yeah, agreed, it looks like they are very efficient. But I'm very familiar with the Bank as a Service space, and your data points very much prove my point: 1. The reason so many BaaS companies partner with existing banks is because the process of getting a bank charter is incredibly time consuming and expensive. There are tons of costs just in legal/compliance before you've even done anything. I'm not 100% clear if C…
>> Bank as a Service
So, banking?
Re: Column – a chartered bank for developers
#257Earlier quoted context omitted.
Elon Musk did not found Tesla. He joined later after making an investment. Founded in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors, the company's name is a tribute to inventor and electrical engineer Nikola Tesla. In February 2004, via a $6.5 million investment, X.com co-founder Elon Musk became the largest shareholder of the company and its chairman. He has served as CEO since 2008. [0] [0] https…
Give it a few months and musk will also be a Twitter founder
Just wait for the law suit.
Re: Column – a chartered bank for developers
#258Very minor nuanced criticism. The company is marketing itself to be developer-first, API first infrastructure, but then the all testimonials I came across are from the CEOs and co-CEOs and not developers.
It would be quite powerful and impactful if you have developer testimonials too.
Re: Column – a chartered bank for developers
#259Your website should state on the front page where it is available.
Sounds interesting but if I don't know it is available in my country - I won't bother reading it.
Re: Column – a chartered bank for developers
#260Hey founder (and OP) here. This has been a labor of love for the past few years and I'm super stoked on what we shipped. Would love any and all feedback, thoughts and questions!
I'm excited about this because it may help with a problem I've had for many years: in a word, being my family's CFO. I'm a data scientist, and I'd like to be able to report as easily on my own personal finances as I can on the data of the company I work for. This is not a small thing for me. I want to take care of my family's finances, but I'm impatient with bullshit. I don't want to spend an hour every weekend loggi…
I would set all accounts to send monthly/weekly statements and get PDF's that way into an email. Then all that is needed is a python downloader + scraper + visualizer based on how much automation you need.
I'd avoid using any service to do this for you after what PLAID pulled off on people by storing their credentials and getting more info than what was actually needed.