Stripe’s first employee, the founder of fintech Increase, sort of bought a bank

Darragh Buckley, Stripe's first employee and CEO of banking-as-a-service startup Increase, acquired a significant stake in Twin City Bank, a small Washington community bank. The purchase triggered federal disclosure requirements, suggesting ownership exceeding 10%. While competitors suspected this was to advance Increase's BaaS ambitions, Buckley clarifies it's his third community bank investment and won't be used for fintech partnerships. The move follows a trend of fintech founders like Plaid's William Hockey buying banks directly to bypass traditional banking partnerships, though Buckley maintains Twin City will remain community-focused.