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Stripe responds to the Financial Connections/Plaid kerfuffle

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31–40 of 191 posts

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#31
"We're the exact opposite of Apple in this regard. People will buy fewer iPhones today if they know what the new one will do. But people are probably more likely to buy Stripe today if they know that the future Stripe will be even better"

Will you keep your old iPhone if you knew what the new version will do?

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#32

I’ll never get over how regressive it is that we are literally clicking on images filled with text as a way to share… text. I seriously cringe each time, lol. Anyway, on topic, it’s good to see this little debacle behind them. Both stripe and plaid offer good services and competition is good in any case. I do wonder if there’s some room for innovation here from Google and Apple. It would be interesting to see if it’s…

>we are literally clicking on images filled with text as a way to share… text. In this case, it sounds like the original post was removed, so the only thing left would be images types of things. Also, does an image/screengrab add any more validity to something rather than text quoted on another page/site?

[deleted]

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#33
I don’t know all the specifics of the interaction that happened here, but the hard truth is that if you aren’t eventually expecting this to happen to your business - regardless of the space you are in - you aren’t being realistic about the nature of competition in SaaS.

Plaid has enjoyed years of life without much direct competition. My hunch is that few other businesses were interested in the space because it feels inherently fragile, and Plaid has had the benefit from having spent years doing a lot of sausage making.

The inevitable dynamics of competition are finally catching up to them. In established corners of SaaS a vendor with a unique idea barely gets 6 months before their competitors have replicated anything that shows signs of product market fit. Not saying it doesn’t sting, but that’s reality.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#34
post #18

As a consumer, I'd welcome some more competition in this space. All of the personal finance aggregation apps I've tried, e.g. Mint, YNAB, Personal Finance, etc. have used Plaid and almost always, I have issues with connecting one or more banks on any given day. Submitting tickets re: connection issues rarely resolves in a timely manner too.

The reason I hate plaid is that they are training people to hand over bank passwords/2fa tokens to 3rd parties. And sometimes there are no alternatives available to the consumer.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#35
post #14

Correct me if I'm wrong, but it seems like Stripe just nuked the whole of Plaid's platform and value proposition from orbit. Plaid just went from a decacorn to a cheap acquisition target for PayPal, Square, Shopify, etc. I can understand this being absolutely gut wrenching for the founders and early employees that are still on board. It must feel like having tangible dreams crushed. Not as bad as a cancer diagnosis,…

What a whirlwind couple of years for Plaid employees. First the Visa acquisition for 5.3 Billion that falls through because of antitrust, then a round that values them at 13.4 Billion, then fintech and SaaS valuations crater, and now this

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#36

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

Please… my violin can’t get any tinier or we risk splitting the atom.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#37

I’ll never get over how regressive it is that we are literally clicking on images filled with text as a way to share… text. I seriously cringe each time, lol. Anyway, on topic, it’s good to see this little debacle behind them. Both stripe and plaid offer good services and competition is good in any case. I do wonder if there’s some room for innovation here from Google and Apple. It would be interesting to see if it’s…

I agree. There's a great lesson here when thinking about the complexity of real world interoperability, and the ramifications of attempts to control information flows.

Frankly, this sort of thing has caused me to become a very regular user of Google Lens on my phone. I just copy the text out of the image and go on about my day.

Improving the usability of image -> text translation is probably the most effective way forward, as silly as that may seem.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#38

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

CEOs are literally paid to deal with these emotions constructively. In this case, that would have looked like welcoming a competitor to the space and being ready to win on execution, because ideas are free.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#39

I think that people underestimate what this feels like for the Plaid founder and potentially for Patrick too. For Plaid you've spent your life building this business. Presumably there are many happy customers and you're working really hard to define the space and provide service. One morning you flip on your laptop and see a headline that one of your customers (and competitors) launched a new service that directly co…

Im rolling my eyes at this. Dont get into business or politics if you have thin skin.

Re: Stripe responds to the Financial Connections/Plaid kerfuffle

#40
post #7

I’ll never get over how regressive it is that we are literally clicking on images filled with text as a way to share… text. I seriously cringe each time, lol. Anyway, on topic, it’s good to see this little debacle behind them. Both stripe and plaid offer good services and competition is good in any case. I do wonder if there’s some room for innovation here from Google and Apple. It would be interesting to see if it’s…

If Reddit made it easy for me to follow people and have stuff pop into my feed like Twitter, I'd walk away from Twitter.

I am pretty sure you can follow users and have their posts show up in some sort of feed but I think it might be a Reddit 2.0 thing and the UI is such trash that I never go there if I can help it.
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