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we're going to hold off for as long as possible from partaking in them (public markets)
I think that people have underestimated that for a long time
you need to have an aggressive performance management culture and to stay on top of that... we really try to you know stay on top of that we track it closely
we measured this before covet because we were doing a lot of remote hiring and we want to see we wanted to see how much we should lean into it is that it is not good for early career people we can actually measure it in our productivity data
most of the interchange fees that are charged to merchants and you know you mentioned uh what we charge the all in podcast you know the vast majority of that flows right back to the uh to the issuing banks uh in the form of interchange and almost all of that flows right back to the consumers in the form of you know the lending that the the the cards themselves represent but then also in card rewards like card programs are not actually big profit pools uh for most of the major banks and so i thin
the big use case that's taking off right now is consumers in other countries seeking to hold dollars you know we in the us here today you know we obviously benefit from having able to do that the vast majority of people in the world have kind of a are subject to a worse currency worse in the sense that it's less stable uh it's more inflationary you know storing savings is is much less favorable uh you know if you look at the naira for example there are a lot of people in nigeria and the the curr
the thing we kind of realized a couple years in is that you know what business like the the structural secular thing that's happening is that every kind of money movement is going from being manually orchestrated to being orchestrated by software and there's you know some programs somewhere making the thing happen and so because of that like just because of what we hear from customers and the the pull there we're now you know
they're pretty large and established and so on but it certainly was not just them and that's sort of when we look to just our friends people when you running companies and so on and most actually weren't building on PayPal
we feel like we haven't we're we're still very early instead of this trajectory they we first established and just because we work with startups and technology companies you know they themselves have lengthy trajectories and so you know this is just going to have to be when you're building infrastructure you know there's just long time Horizons involved
we launched a new version of Atlas yesterday
being a public company certainly does not stop you from taking a really long-term time Horizon but it does make it more difficult
we're going to hold off for as long as possible from partaking in them (public markets)
Day Zero is not the time to monetize them
we're not trying to make on it the way we make money is strip's whole business model is we make money when our customers generate Revenue
Stripes goal is to increase the GDP of the internet right we just want the internet economy overall to be bigger
what we found over the kind of year post launch uh is that actually there are in fact thousands of these people and they are in fact just as capable
Atlas was our effort to do that and so kind of coming back to we discussed earlier on the way we work with entrepreneurs in 124 countries is through Atlas we've put together this package of we'll incorporate a company company in Delaware we'll get you a bank account with Silicon Valley Bank which is you know the top Bank used as I'm sure you know beer companies beer software companies um will get sort of you know the basic uh uh tax and legal advice to just kind of get you off the ground get the
as far as I could tell nobody had cared or noticed ... it was actually kind of existentially bad news
she told us you know no kind of um no uncertain terms that there was no possibility that that they would work with us
I think that people have underestimated that for a long time
the first such moment was probably pretty early right uh maybe a month after you started working out something we're like you know God this will take over the world but of course then that was you know succeeded by an event you know the next morning where like this is the worst idea in history
a lot of people are like why would people want to payment API
we came to appreciate that sort of what we thought was kind of a you know this this little Pond was actually kind of this much larger ocean
we came to shift from sort of thinking about it you know merely as this nice little tool for for developers that kind of makes their lives easier ... to kind of realizing that well when you sort of survey the broader landscape it's not just that it sort of sucks for developers to have to sort of integrate payments initially into the their website or service or whatever but that like the whole edifice is broken
a large part of I think what enabled strip back to your question uh is that we're building kind of this Universal Global platform for you know building an online business
we're about to hit 700
we now work with companies in about 124 countries and so basically we now work with companies in uh just most countries
we handle now billions of dollars uh of sort of aggregate Revenue every year for sort of all the the companies building on the platform um and you know we we've many thousands of companies building on top of it