INSUBCONTINENT EXCLUSIVE:
Instead, incumbent banks were incapable of change and would act in a malevolent way to stop fintechs from walking through the front door and
stealing their lunch.He, along with co-founder Dan Palmer, had spent several years building an early version of Teller that
reverse-engineered the APIs used by U.K
banks for their own mobile apps, and offered access to developers that wanted to create apps using banking data
banks tried unsuccessfully to thwart the efforts of Graham and Palmer
has a different incumbent in his sights
In late 2018, Teller re-incorporated in the United States to take on Plaid, the financial services API provider recently acquired by Visa
for a chunky $5.3 billion.The fintech startup also quietly raised $4 million in seed capital from a slew of United States investors:
opportunity for Teller because the market is far larger with more mature, large-scale customers to serve as well as startups being created
our decision to withdraw from the U.K
build and test a product without first spending thousands of pounds and 3-6 months getting FCA approval
When we checked at the end of 2018, less than 100 entities had been granted approval
banks three years ago, even if he chooses his words a little more carefully
Plaid has rolled up the market by buying Quovo and is now effectively a monopoly
For example their Capital One integration has been down for months
