Carney's Next Move

You may remember Mark Carney from his days as governor of the Bank of Canada. And then governor of the Bank of England. And then the United Nation's special envoy on climate. Now he's adding another line to his CV: member of Stripe's Board of Directors.

So, not very impressive at all, right?

Why it matters: Carney joins Stripe's Board as the company is about to raise a round that will reportedly value it at USD$115 billion.

  • Stripe, if you aren't familiar, provides payments infrastructure for the internet. It started out as a way for sellers to take credit card payments online and has since expanded to offer other financial services for businesses, including corporate bank accounts.
  • Carney's appointment signals that Stripe is serious about building out its emerging global financial services business. Its treasury product, for example, is pitched as "banking-as-a-service", allowing customers to include financial services in their own software.
Zoom out: If software is eating the world, Stripe certainly seems to be trying to eat the financial services space. Its push into business banking services is putting it directly in competition with the big banks.