Stripe, which processes payments for millions of online businesses and e-commerce platforms, will soon give its customers the option of offering insured, interest-bearing bank accounts, debit cards and other cash-management services. These products aren’t meant for consumers. Rather, they are designed for the merchants and vendors that do business with Stripe’s customers.
“If you are a Goldman Sachs or a Citi or one of these firms, you are watching the fact that new businesses live their lives online,” said John Collison, Stripe’s co-founder and president. “For the partner banks we’re working with, our intent for it is to be a shockingly effective customer-acquisition channel for them where they end up with many, many more customers.”