Marc Rubinstein on Reinventing Goldman Sachs

We had the pleasure of speaking with Marc Rubinstein, author of Net Interest, a financial sector newsletter, about his article, Reinventing Goldman Sachs.

Marc’s post was prompted by the announcement of a strategic partnership between Goldman Sachs and Stripe:

• Stripe now enables platforms to embed financial services, enabling their business customers to easily send, receive and store funds
• Stripe is enabling standardized access to banking capabilities via APIs by expanding its bank partner network to include Goldman Sachs Bank USA and Evolve Bank & Trust as US partners

Marc introduces the topic by touching on a few similarities and differences between the two companies:

“Stripe is a company founded in 2010 in San Francisco. It builds software which allows companies to accept payments and manage their businesses online. Its mission is grand: ‘to increase the GDP of the internet’.”

Goldman Sachs was founded much earlier, in 1869 to be exact, in New York City. It provides a wide range of financial services to companies, financial institutions, governments and more. Its mission is “to advance sustainable economic growth and financial opportunity across the globe.”

“The two companies have a few things in common. They were both founded by immigrants from Europe. Their customers are typically businesses rather than consumers. And, as their mission statements reflect, they are less in the business of economic production and more in the business of economic facilitation.”

“Oh, and their market values are about the same. Stripe is reportedly in talks to raise funding at a valuation of between $70 billion and $100 billion; Goldman’s market cap is $84 billion.”

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About this series:

MOI Global looks forward to illuminating conversations with Marc Rubinstein, whose Net Interest newsletter we have found truly exceptional. Our goal is to bring you Marc’s insights into the financial sector on a regular basis.

About Marc:

Marc Rubinstein is a fellow MOI Global member, managing partner of Fordington Advisors, and author of Net Interest. He is a former analyst and hedge fund manager, most recently at Lansdowne Partners, with more than 25 years of experience in the financial sector. Marc is based in London.

About Net Interest:

Net Interest, authored by Marc Rubinstein, is a newsletter of insight and analysis from the world of finance. Enjoyed by the most senior executives and smartest investors in the industry, it casts light on this important sector in an easy-to-read style. Each post explores a theme trending in the sector. Between fintech, economics and investment cycles—there’s always something to talk about!

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