How is this different than Column Stripe Treasury Treasury Prime Unit Cross River Bank Any BaaS I'm missing? ???
Synapse FI (https://synapsefi.com) -- They have been around for awhile.
Increase: Banking API
41–50 of 305 posts
Re: Increase: Banking API
#42I think by the amount of "what is this" questions in this thread it's pretty clear the messaging is confusing to say the least. I'm going to pile on because even with the explanations in this thread I don't really understand what this is. Is this for B2C or B2B? Is this something I, the average consumer who happens to be a developer, could use to build my own personal finance tools?
or is it like a Plaid in the sense that you could build a Robinhood ontop of Plaid... or are you meant to be starting like an "MVNO Bank"... so many questions
honestly i dont think its their fault, this is such an alien space to most of us that we just need more handholding than normal
Re: Increase: Banking API
#43How is this different
Re: Increase: Banking API
#44I think by the amount of "what is this" questions in this thread it's pretty clear the messaging is confusing to say the least. I'm going to pile on because even with the explanations in this thread I don't really understand what this is. Is this for B2C or B2B? Is this something I, the average consumer who happens to be a developer, could use to build my own personal finance tools?
It's a B2B2C product (sold to businesses that are building consumer fintech products). There are a bunch of neobank fintech startups whose offering is "Banking for X", where X is some segment of the population with specific needs that are not well served by traditional banks. (Here for example is X = "Spanish speakers in the US".) [0] To build a startup like that, you need to build a product layer on top of a banking…
ok so followup question - lets say i buy this message and want to start "Banking for Medical Students" (well known gap, they have terrible credit history but are about to be good credits).
The precise segment doesnt matter, my question is - how much of the banking capital requirements do i need to put up? because a bank isn't just about payment rails and credit cards, its also about having literal cash in the bank right?
Re: Increase: Banking API
#45Looks cool, but having trouble wrapping my head around a potential use case for this.
I have a real-life scenario that applies to my business: we employee 50+ freelancers ee pay every month. I dread when it comes time to pay them, because I have to log into multiple bank account and manually send each transfer using clunky web UIs. I am just copy-pasting all this data from a spreadsheet where it's already been verified. If I could automate payments to a sizeable portion of the freelancers, it would sa…
ah ok. so this is a workaround of the traditional banks having crappy UI/APIs? what about using Stripe/Braintree/Paypal/etc (i know those are not exact matches, but just enquiring about the general problem space)
Re: Increase: Banking API
#46I wonder if these banking startups are part of the fallout of the leadership exodus at Stripe that has been happening recently?
Re: Increase: Banking API
#47Earlier quoted context omitted.
It's a B2B2C product (sold to businesses that are building consumer fintech products). There are a bunch of neobank fintech startups whose offering is "Banking for X", where X is some segment of the population with specific needs that are not well served by traditional banks. (Here for example is X = "Spanish speakers in the US".) [0] To build a startup like that, you need to build a product layer on top of a banking…
ok so followup question - lets say i buy this message and want to start "Banking for Medical Students" (well known gap, they have terrible credit history but are about to be good credits). The precise segment doesnt matter, my question is - how much of the banking capital requirements do i need to put up? because a bank isn't just about payment rails and credit cards, its also about having literal cash in the bank ri…
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Re: Increase: Banking API
#48Earlier quoted context omitted.
It's a B2B2C product (sold to businesses that are building consumer fintech products). There are a bunch of neobank fintech startups whose offering is "Banking for X", where X is some segment of the population with specific needs that are not well served by traditional banks. (Here for example is X = "Spanish speakers in the US".) [0] To build a startup like that, you need to build a product layer on top of a banking…
ok so followup question - lets say i buy this message and want to start "Banking for Medical Students" (well known gap, they have terrible credit history but are about to be good credits). The precise segment doesnt matter, my question is - how much of the banking capital requirements do i need to put up? because a bank isn't just about payment rails and credit cards, its also about having literal cash in the bank ri…
These startups are not actually banks—they will partner with banks that fulfill those capital requirements. For example, the Robinhood debit card is issued by Sutton Bank [0], a 100 year old bank in Ohio that very successfully provided the backing bank to a bunch of hot new fintech products.
So you would have to go through Sutton bank or another bank, but I think there are enough of these companies now that there's a fairly tried and true path. If you're seriously investigating this I can connect you to people who know more about it than I do.
[0] https://robinhood.com/us/en/support/articles/robinhood-debit... and ctrl+f "Sutton"
Re: Increase: Banking API
#49Thanks @op! Increase employee here: We're early days and not quite ready for open sign-ups yet (sorry, known bug). We'll be more public over the coming weeks and months. We're banking for developers; you can programatically create accounts, cards, and move money. Our users are primarily financial technology companies. We're a small team from Stripe, Robinhood, and Visa building the bank we always wanted. If this soun…
> Our users are primarily financial technology companies.
As a developer, I'd love to have some more information about the typical problems that inspired Increase's value proposition. If I was meeting with a financial tech CEO tomorrow, should I assume that they probably have these problems or need this service? Are there resources that I could peruse to learn more about these common problems?
Re: Increase: Banking API
#50Their lead UI guy was previously the UI lead at Stripe. I think of him as someone who appreciates and understands the importance of well-thought-out UI so I'm looking forward to how Increase pans out for that reason in particular.
That's Benjamin De Cock. For the folks interested he documents a lot of his process on Twitter.