Home Product listing Stripe co-founder defends the company against unfair competition claims

Stripe co-founder defends the company against unfair competition claims

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John Collison, president and co-founder of Stripe.

Christopher Morin | IP3 | Getty Images

AMSTERDAM — The co-founder of $95 billion fintech giant Stripe has defended the company’s business practices after complaints from rivals that it competes unfairly.

John Collison, president of Stripe, said on Tuesday that he was “pretty unapologetic” about the company’s decisions to launch similar features at rival fintech companies, adding that this is “how the business works.” economy”.

Big tech platforms have often drawn criticism for borrowing ideas from smaller competitors. Facebook parent company Meta and Twitter have been accused of mimicking the Clubhouse audio chat app with their own competing features, for example.

Once considered a darling of Silicon Valley, Stripe has faced allegations of foul play from other fintech companies, including Bolt, a one-click payment service, and Plaid, which allows businesses to financial technology to securely access customer data.

Ryan Breslow, founder of Bolt, described Stripe as a “mob boss” in Silicon Valley, accusing it of colluding with investors like Y Combinator and Sequoia to make it harder for rival companies to compete.

In a since-deleted tweet, Plaid CEO Zach Perret accused Stripe of using information obtained from an interview with Plaid to launch a similar product called Financial Connections.

In a tweet, Breslow – who has since resigned as CEO of Bolt – accused Stripe of exercising a “technical eyeball monopoly”, saying the company was making it harder for competing fintech companies to gain access. coverage on Hacker News, a popular tech news website owned by Y Combinator.

Collison said any suggestion that Stripe is operating a monopoly is “ludicrous and disprovable.”

“There are so many payment companies out there,” he said, adding that companies like PayPal and Adyen offer broad competition to Stripe.

Last year, Stripe processed $640 billion in transaction volumes, marking a 60% increase from 2020.

Investors have long speculated about a possible listing of the company. Collison said Stripe is “very happy” to remain private at this time.