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by Nimsical
2218 days ago
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Looking at your "The Best Store of Money" – I'm baffled that First Republic Bank even made the list. We're in the process of switching away from them because of how broken their web interfaces are, and how hard it is to connect them to other tools which makes it hard for our accounting team to automated their work. I think you really need to do a lot more interviews with people that have been users of these products. |
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1. On whether or not FRB should be in the list — we certainly think they should. Based on the founder surveys we sent out, we found that FRB was quite-well represented across the startup community (and I think that your datapoint adds to that finding). Our inclusion of a company/product is not an endorsement, but rather a result of what we think would be useful to test for the community. In this case, we evaluated FRB because we know a lot of founders (including yourself) have considered/are using them.
2. On whether our evaluation reflects your experience — this is the more interesting point for us. We have data from ~15 founders re: FRB, ranging from full-blown interviews to anecdotes. In general, we didn't hear anything substantially negative about their core banking service, but we aren't going to conclude that they're perfect from that data alone. That said, the founder data was informative enough to draw some directionally-accurate conclusions from, although additional data points help us both realign as well as shrink or expand our confidence interval.
If you're willing to email me about your experience with FRB, we'd very much like to look it over and take it into account when we update the guide.