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Seqouia has given up its ownership citing a conflict of interest with Stripe. Stripe did not ask Sequoia to walk away from Finix — that's a decision the VC firm made on its own, it is unclear if Sequoia's LP's will be refunded.
The firm instead sent us a statement by Pat Grady, the Sequoia partner behind the deal, that reads: “While we’d previously concluded that Finix was not a direct competitor to any existing portfolio companies, after making the investment we came across a variety of small data points that collectively painted a different picture of the market. This decision had nothing to do with Finix, and everything to do with Sequoia’s desire to honor our commitments. It is incredibly difficult to part ways with Richie, Sean, and their team at Finix. They are exceptional people and leaders, and their future is bright.”
