271–280 of 350 posts
Remember Vimeo? They started as an alternative to Youtube, letting anybody upload. Then they decided to dump their small users and go for large ones. Vimeo is publicly held, so we can see how this worked out.[1] Price one year ago, at the peak, $49. Price today, $6.54. [1] https://www.msn.com/en-us/money/stockdetails/fi-c26vvh?ocid=...
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It's almost sort of endearing, but not actually. The fact that they use SMS-based 2FA (at least through 2021) is a travesty and a bit concerning, though. Edit: since I can't reply to response below (I think due to thread depth topping out). To clarify: they ONLY support SMS-based 2FA. No TOTP. Sure, other services offer SMS as well, but you wouldn't want to use that for securing any serious amounts of money (millions…
Yes, well unfortunately 2FA and banking and investing doesn't seem to go well together in the US. These companies move at a glacial place. Examples with huge market cap and no TOTP support (afaik): Vanguard ($6T+ managed), Chase Bank ($3T), and every botique investment firm I have dealt with. I personally don't count "we email you a secret code" as 2FA. Do other people?? I mean, sure my email might be secured with re…
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> Brex has a bunch of multipliers ranging from 7x to 1x points. sounds like Brex has been losing money on unit economics while making it up on volume, and now with VC money tightening ... Wrt. small business vs. startup - i'd guess that any company older than 3-5 years which hasn't become big enough (in spending or revenue) and not showing fast growth can be considered a small business :)
If I had to guess, I'd say the biggest contributor to poor unit economics for small business vs startups is credit losses. Startups usually have tons of cash in the bank to underwrite against, which made them actually very safe to lend to, unintuitively enough (that underwriting model was Brex's original innovation, remember?). Whereas small businesses usually don't, but still need a reasonable credit limit to spend…
What city do you live in? Can we be friends?
CEO of Mercury here. If you are looking for an alternative, we are 100% committed to businesses of all sizes: A) the smallest businesses can be the next big startup B) We maintain strong unit economics at all sizes. We setup a landing page to get these customers onboarded quickly: https://mercury.com/partner/brex
Banks that have their own banking license are better to work with imo. I hope you get one one day.
Not surprised by any of this. Feels like it comes from the top, culturally. I had a terrible experience "onboarding" with Brex last year. They actually "approved" my bootstrapped startup and sent me a physical card only to rescind it a shortly thereafter, because--even though we met the funding minimum--it wasn't "professionally invested" on further review. Bootstrapping apparently required a $1MM minimum. Here's wha…
Seconded, I love mercury.
> This decision cannot be either changed or delayed. Your account will be closed by August 15. We’ve appreciated your business and wish you all the best in the future. I get that corporations couldn't care less about us as people but the phrase "we appreciate your business" and its variations will forever rub me the wrong way.
What really rubs me the wrong was is the "it was a very tough decision" crap both on support page and the CEO's statement here.
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[disclaimer: I work at Brex, but am not speaking on behalf of the company] I think one thing being lost in translation here is that Brex considers small businesses to be different from startups, and it's an important distinction internally that is likely getting lost externally. For example, we just acquired Pry to help with founders at small startups figure out financial projections and needs. If you're an early sta…
> The policy cited here is more about no longer being a good fit for "traditional" small businesses. Of which you, nor anyone else here, can clearly define. Hilarious, indeed.
Earlier quoted context omitted.
It's almost sort of endearing, but not actually. The fact that they use SMS-based 2FA (at least through 2021) is a travesty and a bit concerning, though. Edit: since I can't reply to response below (I think due to thread depth topping out). To clarify: they ONLY support SMS-based 2FA. No TOTP. Sure, other services offer SMS as well, but you wouldn't want to use that for securing any serious amounts of money (millions…
Yes, well unfortunately 2FA and banking and investing doesn't seem to go well together in the US. These companies move at a glacial place. Examples with huge market cap and no TOTP support (afaik): Vanguard ($6T+ managed), Chase Bank ($3T), and every botique investment firm I have dealt with. I personally don't count "we email you a secret code" as 2FA. Do other people?? I mean, sure my email might be secured with re…
Earlier quoted context omitted.
Yes, well unfortunately 2FA and banking and investing doesn't seem to go well together in the US. These companies move at a glacial place. Examples with huge market cap and no TOTP support (afaik): Vanguard ($6T+ managed), Chase Bank ($3T), and every botique investment firm I have dealt with. I personally don't count "we email you a secret code" as 2FA. Do other people?? I mean, sure my email might be secured with re…
Vanguard supports TOTP.