Welcome to the Fintech Party: Snark Emerges Between Plaid and Stripe

This past week, Stripe announced an open banking (or open finance) initiative with Stripe Financial Connections.

Stripe laid out its plans explaining they were “enabling businesses to establish direct connections with their customers’ bank accounts that power a wide range of financial processes.” This is effectively, Plaid’s main business model – and one they have accomplished quite well. Interestingly, the announcement by Stripe appeared to rub Plaid co-founder Zach Perret the wrong way as he took to Twitter to obliquely express his thoughts on the Stripe announcement.

Jay Shah from Stripe announced the launch of Financial Connections in a series of Tweets.

Perret quickly responded with a now-deleted Tweet stating that Shah interviewed with Plaid over the past few years effectively throwing shade at the announcement.

Stripe co-founder John Collison added perspective to the digital dust-up with the below Tweet.


Apparently, Shah interviewed with Plaid eight years ago – so a lifetime in Fintech years.

Collision acknowledged the deleted Tweet stating:

“Zach ended up deleting the tweet in question, which is gracious of him. We understand that his perspective on the whole thing may still differ. Either way, we still do lots with Plaid. They’re a great company and we look forward to finding more ways to work together.”

So everyone is cool now – right? Positive intent all around.

Regardless the world of open banking is enormous and we are just at the beginning of this meaningful transformation to Fintech everywhere.


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