Yeah I mean, maybe being larger as a financial institution has some costs also. Primarily that it sucks. I interviewed at a hedge fund that had to submit (something) to (some regulatory body, don’t remember) because it was too systemically important. But they required dedicated staff to handle the regulatory burden. Given how tightly staffed that place was it was actually a meaningful portion of headcount measured as a percentage.

Maybe some of those economies of scale are only 80% realized if you’re a financial institution. And rightfully so.

Don’t have a horse in the game here re: Stripe, just hoping the damn kids will go on someone else’s lawn.