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American Focus > Blog > Tech and Science > Stripe’s first employee, the founder of fintech Increase, sort of bought a bank
Tech and Science

Stripe’s first employee, the founder of fintech Increase, sort of bought a bank

Last updated: July 5, 2025 4:14 am
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Stripe’s first employee, the founder of fintech Increase, sort of bought a bank
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Silicon Valley’s New Banking Venture

In the world of fintech, there has been a buzz surrounding Darragh Buckley, the founder and CEO of Increase, a startup in the banking-as-a-service (BaaS) sector. Buckley has long been rumored to have ambitions of “buying a bank,” and recent developments suggest that he has made significant strides towards achieving this goal.

A few weeks ago, Buckley made a substantial investment in Twin City Bank, a community bank located in Longview, Washington. This investment was large enough to trigger a public disclosure by the Federal Reserve Board, indicating that Buckley now holds a major stake in the bank. While the exact percentage of ownership remains undisclosed, it is clear that Buckley is now a significant shareholder in Twin City Bank.

Despite speculation that Buckley’s acquisition of the bank was driven by a desire to further Increase’s interests, he has clarified that his intentions are not what his competitors assume. He stated that Twin City Bank will remain a community-focused bank and that his investment is not aimed at turning it into a partner bank for Increase.

Increase, Buckley’s BaaS startup, offers an API platform for financial services, catering primarily to other fintech companies. By partnering with FDIC-insured banks like Grasshopper Bank and First Internet Bank of Indiana, Increase is able to provide regulated services without the need for obtaining banking licenses of its own.

In a strategic move to differentiate themselves in a competitive market, some fintech companies have opted to acquire small community banks directly. This trend, exemplified by companies like Column and Lead, allows these fintechs to operate independently from traditional banking partners.

See also  NYC Public Advocate Jumaane Williams loses Brooklyn home to bank after racking up nearly $1M in mortgage debt

Navigating Fintech Partnerships

Buckley’s decision to invest in Twin City Bank reflects his appreciation for community banks as the underdogs of the banking industry. While some fintech companies rely on partnerships with banks for regulatory compliance, Buckley is wary of the risks associated with such arrangements. He cited the example of Evolve Bank, which faced a ransomware attack and regulatory scrutiny due to issues with its risk management systems.

According to Buckley, community banks possess unique strengths in their relationships and local knowledge, making them valuable assets in the financial ecosystem. While his competitors may be monitoring his actions closely, Buckley remains committed to preserving Twin City Bank’s community-focused ethos.

With the FDIC’s approval secured and the deal finalized, Buckley’s investment in Twin City Bank marks a significant milestone in Silicon Valley’s foray into the banking sector. As the industry continues to evolve, the role of community banks in driving innovation and financial inclusion remains a key focus for Buckley and Increase.

TAGGED:BankBoughtemployeefintechfounderIncreasesortStripes
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