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patrickc's profile
Patrick Collison
Patrick Collison
Patrick Collison
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@patrickc

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Patrick CollisonVerified account

@patrickc

Fallibilist, optimist. Stripe CEO.

patrick@stripe.com
patrickcollison.com
Joined April 2007

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    1. Pinboard‏ @Pinboard Jan 5
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      I didn't realize Stripe had branched out into usurious lending (I clock this at about an 11% annual interest rate based on the repayment period)pic.twitter.com/2vXFs8lxT9

      9 replies 18 retweets 71 likes
      Show this thread
    2. Patrick Collison‏Verified account @patrickc Jan 5
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      Replying to @Pinboard

      An APR isn’t directly comparable because this structure yields far less risk for the business. I elaborate here: https://news.ycombinator.com/item?id=20889376 …. As a result, 90%+ of business owners who use this rate their satisfaction 6/7 or 7/7.

      2 replies 0 retweets 9 likes
    3. Pinboard‏ @Pinboard Jan 5
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      Replying to @patrickc

      Why would you expect unsatisfied business owners to use the rate in the first place? Of course the reported satisfaction level will be high when unsatisfied people don't take up the offer. You understand selection effects.

      1 reply 0 retweets 3 likes
    4. Patrick Collison‏Verified account @patrickc Jan 5
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      Replying to @Pinboard

      Yes; see other tweet. If a business has better options, they should pursue those — we aren’t trying to create a product that all seek to use. This exists because businesses consistently report substantial capital constraints (and credit cards are far from being a panacea).

      1 reply 0 retweets 3 likes
    5. Pinboard‏ @Pinboard Jan 5
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      Replying to @patrickc

      So the somewhat oblique point of my rant is that these capital constraints for small and medium sized businesses are a disaster for tech, in that the difficulty of running a small going concern, and the ease of getting large investment for moon shots, has killed innovation

      1 reply 0 retweets 4 likes
    6. Patrick Collison‏Verified account @patrickc Jan 5
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      Replying to @Pinboard

      Agree! But doesn’t that argue for more rather than fewer capital products like this?

      1 reply 0 retweets 1 like
    7. Pinboard‏ @Pinboard Jan 5
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      Replying to @patrickc

      I don't see the difference between what Stripe is offering and other high-interest loans (e.g. opening a credit card). No one seems to be offering traditional small business loans (a few thousand bucks at 4-8%), perhaps linked to the grow-or-die mentality of our industry.

      4 replies 0 retweets 2 likes
      Patrick Collison‏Verified account @patrickc Jan 5
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      Replying to @Pinboard

      Difference is that our product doesn’t create the temporally fixed repayment obligations that can drive a business into bankruptcy. Repayment is instead indexed to the business trajectory, which is much safer.

      11:08 AM - 5 Jan 2020
      • 5 Likes
      • Mike D. Andrew Winter angelique🦋 Brennan Moore John Lee
      2 replies 0 retweets 5 likes
        1. New conversation
        2. Pinboard‏ @Pinboard Jan 5
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          Replying to @patrickc

          How is this different from a credit card loan paid off with a fixed portion of revenue? Even distressed businesses can usually meet the minimum payment.

          1 reply 0 retweets 2 likes
        3. Casey Handmer, PhD‏ @CJHandmer Jan 5
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          Replying to @Pinboard @patrickc

          I think this product allows lots of businesses to share risk. The many that falter get cheaper credit paid for by the few that find more traction than they were expecting. Would it be too much to say it allows redistribution of unneeded runway?

          0 replies 0 retweets 2 likes
        4. End of conversation
        1. Parav‏ @paravn Jan 5
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          Replying to @patrickc @Pinboard

          Does Stripe have a different approach to risk profiling? I suppose the only businesses that make use of this capital are already termed risky by traditional lenders.

          0 replies 0 retweets 0 likes
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