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a month ago

Best of Persona (NBA) - Chad Wittman

Stripe launches Treasury to let its customers offer checking accounts & other business-banking services. How big do you think this will be?

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I think it would be pretty big and pretty big for dual side of marketplaces and remove a lot of the friction. Um, that dolly it was It was a really interesting challenge both from a technical perspective as well as a regulation perspective because you had a customer charging you, you know, you charge them to say, $100 in Braintree processes that $100 you know, in every I think three days they would drop, you know, those funds into our account in our bank account. And I think that was SBB, right? And so it's like, OK, Braintree charges. It goes to SPB sitting in your bank account. Now you want to pay out your driver's, you're the supply side of your business. And, you know, we tried, ah, company that acquired by stripe that worked pretty well, but they did a ch and they actually fronted the money because a ch takes about two or three days to move through the system and they'd front that money as basically as a service, which was genius on their part, a ton of risk. But, you know, they made it work enough that stripe acquired them and so that was a genius model. But that was too risky for most businesses. And so then you had, you know, the PayPal's of world, which was okay. Now go get them all sign up for PayPal accounts. We have to do, hold the whole thing. And then strike came along with the service saying like, Hey, we're actually not going to take the money from the customer and put it in your bank. We're gonna take the money from the customer and basically hold it in escrow, wait for you to tell us the job's done and then we're going to give you your cut and give the driver their work. It's a really interesting approach, because now you have the money kind of perfectly following all the regulation Lukes there, um, as well as really making sure you have all the technical components. Super easy in case there's a refund or damage claim. Whatever, maybe. And so what super interesting about this now is that you're kind of taking that one step further and providing your supply side with, you know, potentially just an actual bank account or checking services or whatever, and then you have the business and then you have your customers. And so what's so powerful about that suicide marketplaces instead of dealing with, you know, three effective vendors, three different a PS, three different timelines. Her delays arises. You can apply your business rules right on top of the stripe ecosystem and do what you need to do that drives the most valuable for your your users. So I think that is gonna have a really powerful impact on the industry. So I'm pretty bullish on this with that being said, I do think the you know, this market size, this is gonna be pretty small, but they're probably a couple of really big hits in this area. That lida innovation. I'd keep my eye out on dual side of marketplaces first, but interested to see where this goes.

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C
a month ago

Best of Persona (NBA) - Chad Wittman

Stripe launches Treasury to let its customers offer checking accounts & other business-banking services. How big do you think this will be?

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