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Billionaire Plaid co-founder launches new nationally chartered banking venture
CoverageR | Avi Ben-Hutta | Apr 21, 2022
Today, after three years of building, Plaid's co-founder and former-CTO/President, William Hockey, announces Column, a nationally chartered bank “built from the ground up” for developers and anyone creating new financial products.
“I’ve spent time with (literally) thousands of companies building in financial services and it is painfully obvious that the biggest bottleneck to their growth and innovation is the underlying banks they rely on. Financial services needs to be consumer, developer and internet first; however, in order to do this it needs a new backbone.” – William Hockey.
Column describes itself as the developer infrastructure bank, helping new financial companies avoid “expensive middleware providers” that power legacy sponsor banks. The company says that it built its own core, ledger, and data model to power unique use cases at any scale. Column offers a range of products including bank accounts, ACH, card programs, and lending. According to its site, it powers startups such as Brex, Plaid, Point, and others.
See: Why Apple Acquired An ‘Open Banking’ Fintech
To get their hands on a bank charter, Column bought Northern California National Bank, a community bank with one physical branch in Chico, California for approximately $50 million.
Continue to the full article --> here
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