Plaid Co-Founder Launches Column, a Nationally Chartered Bank for Fintech Developers
On April 21, 2022, Column emerged from stealth as a nationally chartered bank purpose-built to serve as banking-as-a-platform infrastructure for fintech developers. Founded by Plaid co-founder William Hockey, Column was created by acquiring Northern California National Bank for $50 million and rebranding it. The bank offers a direct Federal Reserve connection, an in-house ledger, and FDIC-insured services including checking and savings accounts, wire transfers, and loan origination.
Developers can use Column's APIs to build applications for money movement between bank accounts or launch debit and credit card programs. Column differentiates itself by eliminating reliance on third-party middleware providers like Modern Treasury or Synctera and core processors like FIS, addressing what Hockey describes as 'supply chain pain points' in fintech. The bank is now open to all developers, positioning it as a vertically integrated alternative in the growing banking-as-a-service landscape alongside players like Varo and Green Dot.
- Column's vertically integrated model challenges the multi-layered BaaS stack by removing middleware dependencies, potentially pressuring existing BaaS intermediaries like Synctera and Unit.
- A fintech founder acquiring a national bank charter signals a trend toward direct bank ownership as a competitive advantage in embedded finance, reducing counterparty risk and regulatory complexity.