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WePay's (YC S09) next chapter

blog.wepay.com

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Re: WePay's (YC S09) next chapter

#81

Post by quuquuquu »

brianwawok wrote: post #65
quuquuquu wrote: post #59

Earlier quoted context omitted.

I completely agree, I bet you have 100 people making 10m+ per year, and 20,000 staff and interns at the back office in New Jersey making 45,000 maximum, hired from SUNY schools. What do you think of my estimation?

You can find salary info for gs grads right out of college. Hint: its a lot more than 45k

pc86 is exactly correct and I'm glad that person tore apart your argument for me.

How dare you tell me "hint, blah blah blah" when your source literally confirms what I have stated.

The young and inexperienced workers are just there for data entry and errands for the SMALL percentage of workers who are high powered investment bankers.

Re: WePay's (YC S09) next chapter

#82

Post by quuquuquu »

pc86 wrote: post #69
brianwawok wrote: post #65

Earlier quoted context omitted.

You can find salary info for gs grads right out of college. Hint: its a lot more than 45k

For IB, sure. But are most GS employees traders? It looks like most of the support staff is in the $20-30k range[0], which includes help desk and the like. Even certain analyst positions seem to be in the $45-50k range. On page ten of ascending salaries I've just barely passed $60k. My point is that while the "average" compensation may be $400k, that's going to account for a very small percentage of the employees. Th…

Thank you for your thoughtful, reasoned reply, and the effort you put into confirming what I have said anecdotally.

It is often a thankless job and I appreciate that you've provided these numbers. It really shows the income disparity between the top dogs and the unwashed masses and Goldman.

Re: WePay's (YC S09) next chapter

#84

Post by erikb »

gk1 wrote: post #50
erikb wrote: post #43

The enterprisiest announcement I've read in a long time. And I work at a big corp. Wouldn't be surprised if many people who read this actually don't even understand that it basically says "hi guys, we got bought." It's also hard to figure out what WePay has actually been doing. Great enterprise speak again. So, that's what the banking world looks like? Even more enterprisy than the Enterprise despite being a start-up…

I thought it was fairly clear. Chase wants to get into the fintech space so they acquired WePay.

Yeah but it is written indirectly, and the only reason why it's clear to you is because you are probably trained (willingly or not) to interpret such announcements.

Between my quote "hi guys, we've been bought" and this statement, you can see the difference, right? One is very clear to the point, the other talks about lot of things but actually doesn't literally spell it out once.

Re: WePay's (YC S09) next chapter

#85

Post by erikb »

whipoodle wrote: post #49
erikb wrote: post #43

The enterprisiest announcement I've read in a long time. And I work at a big corp. Wouldn't be surprised if many people who read this actually don't even understand that it basically says "hi guys, we got bought." It's also hard to figure out what WePay has actually been doing. Great enterprise speak again. So, that's what the banking world looks like? Even more enterprisy than the Enterprise despite being a start-up…

Yes? People are not generally interested in financial institutions saying “bae is lit AF” or whatever.

What are you trying to say?

Re: WePay's (YC S09) next chapter

#87

Post by spullara »

amorphid wrote: post #46
spullara wrote: post #45

Earlier quoted context omitted.

If you see a 2x liquidation preference on a term sheet in this market I would be really surprised. Virtually every term sheet that isn't the one before an IPO or a recap will be non-participating preferred.

I confess I'm not an M&A/finance/VC-funding wizard. Would you mind giving an example describing the scenario you describe?

Non-participating preferred means that either you are the first to get money off an exit up to the amount of your investment OR you convert to common and get your ownership percentage. For example, say you invested $10m into a company at $30m post and then owned 33%. If the company sold for $20m, you would get $10m and the common would split the remaining $10m. If the company sold for $30m you would get your $10m back either way. If the company sold for $100m, you would convert to common and get $33m.
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