Plaid co-founder unveils new bank for FinTechs

William Hockey, the co-founder of financial infrastructure company Plaid, has launched FinTech bank Column.

He is co-chief executive of the new venture with his wife Annie Hockey, a former private equity investment executive. William Hockey is still on the board of Plaid.

Column is billed as a bank to “enable developers and builders to create new financial products”. The founders are calling it an “infrastructure bank”.

To get going, the Hockeys' paid $50 million to acquire Northern California National Bank - a single branch entity - securing a US national bank charter in the process. They then built their own core, ledger and data platform.

“Financial services need to be consumer, developer and internet first, but in order to do this they need a new backbone,” they said. “We believe that a bank needs to be a software company.

"But we had to start from ground zero. Every single component has been built from the ground up, with no middleware or legacy software.”

They said Column had a “strong balance sheet” that enables it to provide capital and “developer focused lending” to clients.

Column is already looking after some business from FinTechs including Brex, Oxygen and also Plaid, but is now open to the market generally.

    Share Story:

Recent Stories


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.