I never thought I'd be writing about the mafia for this newsletter, but here we are. Ryan Breslow, the CEO of Bolt, a payments company focused on secure, one click checkout experiences wrote a
extremely controversial Twitter thread on his experience with Stripe and Y Combinator as a fintech founder working on a competing product.
Ryan claims that:
- Investors would not back him and Bolt because of Stripe and YC's power
- Stripe & YC suppressed Bolt's product updates on HackerNews, a popular forum for technology workers
- Stripe invested in Fast Checkout in order to eat away at Bolt's market share
The thread is long, makes bold claims with little to back his hypothesis up, and according to the admins of HackerNews is factually inaccurate.
As an armchair startup investor and tech enthusiast, here's my two cents:
Regarding VC's ghosting Ryan. That's what VC's do. I've experienced it with multiple different companies I've worked on. Things can be going great, and all of the sudden the conversation can drop. Also, it's a
really, really bad look to invest in two companies working on similar problems. If people backed Stripe or Fast, investing in Bolt wouldn't make sense. To boil all of this down to "Stripe and YC are conspiring against me" seems unlikely.
To his point about censorship on HackerNews, I'm not sure.
One of the heads of HackerNews was able to pull up time stamps and information that debunked Ryan's claims, but if I put on my tin foil hat... who's to say they didn't change this information after the fact? I doubt it, but something to consider.
Finally, to the point about Fast checkout, having competitor products is just what happens in business. Maybe Fast is the Pepsi to Bolt's Coke (or maybe it is the other way around). If you build something good, people will copy you to some extent. Fast was second to market, but there's been plenty of times where the first player is not the one who wins.
Whatever the case is, the vast majority of people online are siding with Stripe and Y Combinator. While I would love Ryan to be right, simply because it'd be interesting, it seems like he is making many bold claims with little to no evidence to back them up.