The first ocean-going steamships still had sails - it took many years for steam power to fully displace sail. Presumably a new maritime power system, like fusion, would follow a similar pattern.
Join me at Rippling and be the first founding engineer on my team. We're building a brand new zero-to-one product and as founding engineer you'll get to architect it from the ground up, and scale it up from a handful of initial customers to thousands. This is a cool and unique opportunity to work with other former startup founders (like me) to build something new inside a great and fast-growing company.
(And if you're interested in Rippling but not my role specifically, we have many other roles open too, which you can check out here: https://www.rippling.com/careers/open-roles)
In the Bay Area you can find people flying at the model airplane field behind the Oakland Airport (https://goo.gl/maps/TBJTFuUoWhHapCwk7). It's quite a spectacle.
For anyone interested in L. Reuteri, you can buy it in the U.S. as Gerber probiotic drops (https://medical.gerber.com/products/supplements/soothe-colic...). Marketed for babies but obviously works on adults too. Last I checked Gerber had an exclusive license on U.S. distribution of this bacterium—there’s a Swedish company, BioGaia, that IIRC is the original patent holder.
Treasury Prime | Multiple Positions | San Francisco or Remote (North America) | Full-time
Treasury Prime builds APIs that give developers a direct connection to the banking system, making it easy to embed a full range of banking services, from bank accounts, to custom debit cards, payments, and more, into their applications.
We're replacing the decades-old mainframe software that has hamstrung banks and made it difficult or impossible for fintech developers to build great products. Treasury Prime is the best way for banks to modernize their software stack and for fintech developers to find the best bank partner and get to market fast.
We're still a small company of ~25 people, growing very quickly. We're hiring for most roles, with special emphasis on software engineers of all seniorities. This is a great opportunity to join as an early employee, take ownership of key product areas and company goals, and be part of the team that scales a startup through the steep part of its growth curve.
(We also have great benefits, including the best platinum health care plan available to us, and generous parental leave for new parents.)
Treasury Prime is well capitalized and backed by some of the best investors in the industry, including QED Investors, Deciens Capital, SaaStr, NYCA Partners, and Susa Ventures. We were part of the YC Winter 2018 batch.
Treasury Prime | Multiple Positions | San Francisco or Remote (North America) | Full-time
Treasury Prime builds APIs that give developers a direct connection to the banking system, making it easy to embed a full range of banking services, from bank accounts, to custom debit cards, payments, and more, into their applications.
We're replacing the decades-old mainframe software that has hamstrung banks and made it difficult or impossible for fintech developers to build great products. Treasury Prime is the best way for banks to modernize their software stack and for fintech developers to find the best bank partner and get to market fast.
We're still a small company of ~25 people, growing very quickly. We're hiring for most roles, with special emphasis on software engineers of all seniorities. This is a great opportunity to join as an early employee, take ownership of key product areas and company goals, and be part of the team that scales a startup through the steep part of its growth curve.
(We also have great benefits, including the best platinum health care plan available to us, and generous parental leave for new parents.)
Treasury Prime is well capitalized and backed by some of the best investors in the industry, including QED Investors, Deciens Capital, SaaStr, NYCA Partners, and Susa Ventures. We were part of the YC Winter 2018 batch.
I think there's progress happening, banks just tend to move slowly. Competition from fintechs may end up providing the banks some incentive to upgrade. The other problem is, as a consumer, you're probably last in line for new stuff. Businesses can demand new software or better economic terms and back that up with their (large) deposits loan book. Consumer deposit accounts, on the other hand, are often money-losers for banks; they only offer it as a cross-sell into mortgages or some other lending.
It's easy (and fun) to complain about the bad (or just weird) product experiences that banks regularly churn out. Believe it or not, most banks are trying their best. But as other commenters have noted, banks aren't staffed by technologists, so their choices for how to solve these problems begin and end with buying one of the available off-the-shelf software products. Spoiler alert, these products generally are both expensive and not very good.
If you want to understand the toolkit bankers have at their disposal, take a look at FIS, Fiserv, and Jack Henry. These three companies represent approximately $170 billion in market cap. Your interactions with your bank, whether it's a click in an app or a conversation with an actual banker, almost certainly bottom out with a call into one of these company's software systems. These systems are (almost) all mainframe software originally designed in the 1980s. Every product the bank delivers is built on this shaky foundation, which results in all sorts of workarounds and weirdness at every layer of the stack.
That all worked fine back in the '80s, but in the decades since, not only have our expectations changed (most bankers don't know what "API" stands for, by the way), but also banks' regulatory reporting requirements have expanded dramatically. Governments wants to know (very reasonably) that a terrorist or money launderer won't be able to make payments. But when you mix in the inertia of old enterprise software and the relative dearth of good alternatives, the result is a broken product experience (like the random velocity controls like @tlb cited above).
Being a bank is big and complex. And since deregulation and the Internet happened, being a bank is no longer about geography (remember branches?), it's about software and product. This seems like a pretty natural fit for a startup: break off a desirable chunk of the bank's customers and deliver a modern, specialized solution that's 10x better. There's ~$12 trillion of bank deposits in the U.S., that's a lot of market to go after.
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Full disclosure, my company, Treasury Prime (https://treasuryprime.com/) sells software to banks so that we can expose developer APIs for banking. If you have a fintech startup and you need a bank partner with good, modern APIs, email me: [email protected].
The main differences are how we're working with banks. Back then we sold only to large banks, plus banks weren't yet comfortable using cloud services, meaning everything had to be built on-premise (very silly). Now we sell into all sizes of bank because we're able to operate with a SaaS model.
Likewise for developers that means we can move much faster and there's a much better chance we'll be able to find a bank that's a good fit for you. If you're interested in using the API, email me and say hi: [email protected]
> I understand that banks' lack of open API access is the central problem
Banks in the US are really behind the ball on APIs, it's true. Just recently things have started to change though. I'm the cofounder of Treasury Prime (https://treasuryprime.com/) and we have a network of banks in the US who offer API access.
It doesn't solve Plaid's use case (getting data out of 1,000s of banks), but it's great if you need deep integration into a single bank, like if you're writing a fintech app for example. If anyone would like access, feel free to email me: [email protected]
Treasury Prime | Engineering | San Francisco | Onsite Fulltime
Treasury Prime builds APIs for banking. That might seem boring, but the U.S. financial system accounts for more than $1 trillion of GDP, and today's banks still run their businesses on mainframe software from the 1980s. That means everything they do is slow and expensive—and the user experience is archaic.
Our team has been working on this problem for over 5 years now. We're the team behind Standard Treasury (YC S13) and the Silicon Valley Bank API Platform (the banking backend for Stripe Atlas). Join us and help build a new, modern infrastructure that will massively improve how we all interact with our financial system.
Learn more about who we are, our engineering culture, and whether we're a good fit for you: