Because of this hit, big banks began charging and raising overdraft fees. For a consumer who doesn’t keep a balance, overdrafts became so expensive that it simply didn’t make sense to keep an account with a bank that would charge those. This created two opportunities: 1. Products like Dave, Status, Bridget and Earnin have emerged to provide overdra... See more

The importance of Plaid and the API market more broadly cannot be overstated—an entire generation of neobanks, lenders, and financial management tools have been made possible through programmatic access to bank transaction data.

I’m becoming more convinced every day that Square will come out of this mess owning even more of the under 30 consumer’s “personal finance stack” and that they will go down as the company that most positively contributed to the recovery.