784 karma · joined June 18, 2011
Former CTO of the nation's largest student-run financial institution. Former Equity Trader at Barclays.
https://github.com/chris-griffin https://www.narmi.com/
In regards to borrow rates, there are some sources that are fairly accurate, but usually only to prime brokers themselves. There is no public exchange.
Interactive Brokers is the only retail broker that I know of that is fairly transparent and fair in terms of borrow rates.
However, your commentary around quick upward price action is still valid.
Narmi is helping reinvent banking in the United States. We create a more accessible and useful financial ecosystem by powering the online banking, mobile banking, and open banking APIs for the 10,000 credit unions and community banks in the United States. You'll be working on production software that has a real impact on the average American's life everyday. Our software helps them save money on their bills, understand their financial story, protect their families and move money.
Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of an $18 million credit union and also at some of the largest banks in the world.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk. We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
Senior Full Stack Engineer: https://angel.co/narmi/jobs/180510-senior-full-stack-enginee
The interview process entails an intro call to get to know each other, a remote pair coding session, and finally an in-person half-day.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
The Company has very little leverage after a term sheet is signed especially given a standard no-shop provision. You want to reduce the number of items that need to be negotiated later in the process as much as possible.
This not only reduces the likelihood of having to agree to a less than favorable term that was not addressed in the term sheet, but also reduces legal costs (which the Company is paying).
The post does make note of this:
> Some great investors still send longer term sheets, but this has more to do with their preference for going a bit deeper into the details at this stage, rather than deferring this until the definitive documents. The definitive documents are derived from the term sheet and are the much longer (100+ pages) binding contracts that everyone signs and closes on. It’s common to negotiate a few additional points at this stage, though deviation from anything explicitly addressed in the term sheet is definitely re-trading. Also, in a few places, this term sheet refers to certain terms as being “standard.” That may seem vague and circular, but term sheets frequently do describe certain terms that way. What that really means is that there’s an accepted practice of what appears in the docs for these terms among the lawyers who specialize in startups and venture deals, so make sure your lawyer (and the investor’s lawyer) fit that description.
Narmi is helping reinvent banking in the United States. We create a more accessible and useful financial ecosystem by powering the online banking, mobile banking, and open banking APIs for the 10,000 credit unions and community banks in the United States. You'll be working on production software that has a real impact on the average American's life everyday. Our software helps them save money on their bills, understand their financial story, protect their families and move money. Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of a $18 million credit union and also at some of the largest banks in the world.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk. We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
Senior Full Stack Engineer: https://angel.co/narmi/jobs/180510-senior-full-stack-enginee
Product Engineer: https://angel.co/narmi/jobs/343383-product-engineer
The interview process entails an intro call to get to know each other, a remote coding session, and finally an in-person half-day.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
Senior Full Stack Engineer: https://angel.co/narmi/jobs/180510-senior-full-stack-enginee....
Product Engineer: https://angel.co/narmi/jobs/343383-product-engineer
The interview process entails an intro call to get to know each other, a remote coding session, and finally an in-person half-day.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
Senior Full Stack Engineer: https://angel.co/narmi/jobs/180510-senior-full-stack-enginee....
Product Engineer: https://angel.co/narmi/jobs/343383-product-engineer
The interview process entails an intro call to get to know each other, a remote coding session, and finally an in-person half-day.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
Senior Full Stack Engineer: https://angel.co/narmi/jobs/180510-senior-full-stack-enginee...
Product Engineer: https://angel.co/narmi/jobs/343383-product-engineer
The interview process entails an intro call to get to know each other, a remote coding session, and finally an in-person half-day.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk.
We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
The interview process entails an intro call to get to know each other, followed by an in-person interview that includes a code pairing session.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of a $18 million credit union and also at some of the largest banks in the world.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk.
We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
The interview process entails an intro call to get to know each other, followed by an in-person interview that includes a code pairing session.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
My (incredibly simplistic) reasoning for the correlation is that as short term interest rates rise (relative to long term interest rates), investors reallocate money away from risky assets (VC / PE / Small-Cap Equities) into short term investments (Money Markets, T-Bills). And since risky assets are what really drive our economic growth IMO, we start to see a real slowdown in economic output.
While the curve has been flattening, it certainly is not flat (or inverted like it has before). I'm cautiously optimistic about the U.S. economy over the short term (1-3 years). After that, who knows.
The Fed loves to revise data retroactively, so take the following graph with a grain of salt, but they do publish a 'Probability of US Recession Predicted by Treasury Spread' [1]
[1] https://www.newyorkfed.org/medialibrary/media/research/capit...
You'll be working on production software that has a real impact on the average American's life everyday. Our software helps them save money on their bills, understand their financial story, protect their families and move money.
Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of a $18 million credit union and also at some of the largest banks in the world.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk.
We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
The interview process entails an intro call to get to know each other, followed by an in-person interview that includes a code pairing session.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
The regulators in the U.S. will finally give in, but we're more likely to see a 'challenger' bank as a spin out of an existing bank over the next few years IMO.
N26 and other UK/European challenger banks are entering the U.S. market this summer, but they will not have a banking license.
[1] https://www.americanbanker.com/slideshow/rebirth-the-de-novo...
I started a company to challenge the incumbents after running a credit union as CTO.
Narmi is helping reinvent banking in the United States. We create a more accessible and useful financial ecosystem by powering the online banking, mobile banking, and open banking APIs for the 10,000 credit unions and community banks in the United States.
You'll be working on production software that has a real impact on the average American's life everyday. Our software helps them save money on their bills, understand their financial story, protect their families and move money.
Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of a $18 million credit union and also at some of the largest banks in the world.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk.
We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
The interview process entails an intro call to get to know each other, followed by an in-person interview that includes a code pairing session.
Some keywords: * Senior Full Stack Engineer, Senior Full-stack Engineer, Senior Full Stack Developer, Senior Full-stack Developer * Senior Front End Engineer, Senior Front-end Engineer, Senior Front End Developer, Senior Software Engineer, Senior Product Engineer * Banking, finance, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. You can also apply via AngelList[1] Also please feel free to reach out directly to me chris @ our domain.
For anyone interested, Associated Bank (mentioned in the article) is using Fiserv's Corillian [1] product.
The U.S. financial ecosystem is quite different than others around the world. Despite the asset base being consolidated heavily with a handful of institutions, there are still over 11,000 banks and credit unions around the country. Of those 11,000, I would estimate that less than 5% have any significant in house engineering teams (and that is a generous estimate). The rest rely entirely on third parties to run the technology and software that makes a bank a bank. The market is dominated by Fiserv, FIS and Jack Henry & Associates as the article mentions, but there is also a long tail of providers.
Very few bank and credit union executives understand the basics of cybersecurity. The vast majority of CEOs come from some type of lending centric leadership position since that has been the main source of revenue traditionally.
Unabashed plug: If you know a credit union or bank that is need of a better digital banking experience, I would greatly appreciate the plug/intro for Narmi.
[1] https://www.fiserv.com/customer-channel-management/online-ba...
The United States has around 40x more financial institutions than the United Kingdom (8x when adjusting for population differences). The US has such a long tail of financial institutions because of regulatory and market forces. The US regulators/lawmakers have traditionally provided incentives for smaller financial institutions because of the belief that they fill a very important role in powering our diverse economic engine (a belief I hold as well). This has made change harder to impose and coordinate.
Most United States payment schemes are inherently insecure. Both checks and ACHs simply require the routing number, account number, and name on the account. There is no concept of a one-time use token. So why is the US not plagued with fraud? Our enforcement and justice systems are perhaps the strongest in the world. The secret service and FBI devote an incredible amount of resources to investigating financial fraud, and punishments are typically harsh.
Finally, the lack of new bank charters granted by the regulators (especially post 2008) has reduced competition and innovation in the space. Banks are able to levy high fees as a result. The amount lost to fraud each year is generally more than covered by these fees (with the exception of small financial institutions) so there is not a strong incentive for change.
The main constraint has been more related to operations. There are thousands of people whose sole job is to process ACH files. They mostly work at bankers' banks and corporate credit unions (credit unions' banks). But also at financial institutions that range from under $1mm in assets to over $100bn. Most of these jobs could be fully automated away, but they haven't been yet for a variety of reasons.
Often banks and credit unions will limit ACH origination to debits (pulls) in digital banking applications for risk and business reasons.
You are right that ACH (and most payment schemes in the US) have substantial deficiencies in terms of security, but that is counteracted with a strong justice system and consumer laws. You shouldn't really fear about someone emptying your bank account (unless you are a business) because Regulation E mandates that banks and credit unions make you whole for any fraudulent transaction reported within 60 days of the statement that includes the relevant transaction(s).
I also wonder if some of the drop off could be explained by the use of Patreon and ads. For instance, I would never pay for Hulu because they still show ads. Did you receive any Patreon cancellations or negative feedback from pledged users?
[1] US ad block usage as of Feb 2017 https://pagefair.com/blog/2017/adblockreport/
I want my monitoring service and status page to have 0% overlap with my infrastructure because we all know that cloud providers sometimes have global downtime. It would be awesome if you could let users decide which cloud platform their service was hosted on: Azure, GCP, AWS, DO, etc.
Besides that the product looks great! And there is definitely a need for a combined monitoring / status page service!
On a side note, can you talk a bit about how you've approached the design theming/customization feature?
But this is more of a business decision than a security decision likely. It is probably to prevent services like Intuit (Mint.com, Quickbooks, etc), Plaid, Quovo, and other data aggregators from accessing online banking and screen scraping / web crawling. Obviously, there are security reasons to prevent this access as well, but it has historically been a business decision with security as an excuse.
Disclaimer: I'm co-founder of a company that powers online banking, mobile banking, and open banking APIs for credit unions and banks and used to be CTO at a credit union.
Narmi is helping reinvent banking in the United States. We create a more accessible and useful financial ecosystem by powering the online banking, mobile banking, and open banking APIs for the 10,000 credit unions and community banks in the United States.
Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of a $18 million credit union and also at some of the largest banks in the world.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk.
We are always looking for well-rounded engineers to join our team in NYC. Having expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security are all pluses!
The interview process entails an intro call to get to know each other, followed by an in-person interview that includes a code pairing session.
Some keywords: * Full Stack Engineer, Full-stack Engineer, Full Stack Developer, Full-stack Developer * Front End Engineer, Front-end Engineer, Front End Developer, Full-end Developer, Software Engineer * Banking, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News. Also please feel free to reach out directly to me chris @ our domain.
Narmi is helping reinvent banking in the United States. We create a more accessible and useful financial ecosystem by powering the online banking, mobile banking, and open banking APIs for the 10,000 credit unions and community banks in the United States.
Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of a $18 million credit union and also at some of the largest banks in the world.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk.
We are always looking for well-rounded engineers that have expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security.
The interview process entails a call or two to get to know each other, followed by an in-person interview that includes a code pairing session.
Some keywords: * Full Stack Engineer, Full-stack Engineer, Full Stack Developer, Full-stack Developer * Front End Engineer, Front-end Engineer, Front End Developer, Full-end Developer * Banking, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain. Make sure to mention you found us on Hacker News.
Narmi is helping reinvent banking in the United States. We help create a more accessible and useful financial ecosystem by powering the online banking and mobile banking experience for the 10,000 credit unions and community banks in the United States.
Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of a $18 million credit union and also at some of the largest banks in the world.
Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk. We are always looking for well-rounded engineers that have expertise in python (django and django-rest-framework), vue.js, react native, ansbile, terraform, visual design/UI/UX, and/or security.
The interview process entails a call or two to get to know each other, followed by an in-person interview that includes a code pairing session.
Some keywords: * Full Stack Engineer, Full-stack Engineer, Full Stack Developer, Full-stack Developer * Front End Engineer, Front-end Engineer, Front End Developer, Full-end Developer * Banking, online banking, mobile banking, open banking APIs, * New York City, New York, NY, NYC, Manhattan
You can learn more on our website and apply via email: jobs @ our domain
Narmi is helping the 10,000+ community banks and credit unions in the United States reinvent themselves with better online and mobile banking. We want to create a more diverse and engaging financial ecosystem by empowering these institutions to compete with the top 10 banks that hold almost half of all deposits in the United States currently.
Narmi was founded by two Georgetown University alums who previously worked as CEO and CTO of a $18 million credit union and also at some of the largest banks in the world. We are a team of 3 and looking for engineer #3 and #4, and also a lead UI/UX designer. Even if you don't think you are an exact fit for one of our current openings, we'd still love to talk. We are always looking for well-rounded engineers that have expertise in AWS, Ansible, Terraform, Swift/Objective-C (iOS), Java (Android), python (Django), visual design/UI/UX, and/or security.
The interview process entails a call to get to know each other, followed by a half-day in-person interview that includes a code pairing session.
* Full Stack Engineer * Mobile Engineer *Product Designer
You can learn more on our website and apply via email:
jobs @ our domain
Retail brokers typically end up making ~$0.001 per share + commission + fees + interest on cash balances + financing spread from margin lending and stock loan
Robinhood makes $0.001 per share + fees + interest on cash balances + financing spread from margin lending
I'm skeptical Robinhood will ever be able to become profitable. They're great for the consumer (except for their heavy marketing of margin lending), but I don't see them attracting the power users they need to make the business model work.
If you do use Robinhood:
1) Build a well diversified portfolio (30+ companies) 2) Don't use leverage 3) Don't trade on a daily/weekly basis