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Why Did Increase Bank Take So Long to Build? · The Peel with Turner Novak

The Peel with Turner Novak

Why Stripe’s 1st Employee Bought a Bank | Darragh Buckley, Increase

Darragh Buckley was the first employee at Stripe. He’s since started Increase, the banking infrastructure that moves over $500 billion a year. And he just bought a bank. We talk about how to buy a bank, why putting an API on a bank is like "strapping a jet engine to a go-kart", operating with high-empowerment, the overnight sprint that turned on Stripe’s…

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Notes

  1. Why Did Stripe Need Dozens of People for Bank Returns? at 3:29

    Darragh Buckley says Stripe ended up with dozens of people reconciling ACH returns because a trace ID in the file did not traverse correctly. Full answer

  2. Why Does a Layer on a Bank Core Look Wrong? at 13:52

    Darragh Buckley says a technology layer or an API talking to a bank core looks very like 2010 payments, and in his view the setup is probably wrong. Full answer

  3. Why Did Increase Bank Take So Long to Build? at 21:23

    Darragh Buckley says Increase Bank took so long to build because the right capability and capacity take a long time to put in place. Full answer

  4. How Do You Get Good at Compliance Exams? at 26:26

    Darragh Buckley says you get good at compliance examinations by running them on yourself multiple times a day, the same way an engineering team gets good at… Full answer

  5. How Does Product at Increase Differ From Stripe? at 32:28

    Darragh Buckley draws a hard line between product at Stripe and product at Increase. Full answer

  6. What Happens in an Increase Sales Conversation? at 35:48

    Darragh Buckley describes a moment in an Increase sales conversation, usually with someone from product or engineering. Full answer

  7. What Lesson Stuck From the Early Stripe Team? at 49:56

    Darragh Buckley says one of the most impactful and meaningful lessons from the early Stripe team was how much a small empowered team can get done. Full answer

  8. Why Did Patrick and John Collison Sprint While Unloading? at 57:11

    Darragh Buckley says Patrick Collison and John Collison sprinted while unloading a new office because they always asked why the work would not happen faster. Full answer

  9. How Does a Payments Company Learn Fraud Patterns? at 1:02:46

    Darragh Buckley says a person at an early-stage payments company should look at every transaction until volume reaches about 5,000 transactions a day. Full answer

  10. What Does Darragh Buckley Want an AI Agent to Do? at 1:05:33

    Darragh Buckley wants an AI agent to finish a purchase on its own. Full answer

  11. Should a Banker Have an Uneventful Day? at 1:11:46

    Darragh Buckley says a banker should have an uneventful day, the same way an air traffic controller should. Full answer

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