People are addicted to credit cards — and it’s no wonder, given the lucrative rewards that many of them offer. But for merchants, credit cards tend to be less appealing. That’s because they’re on the hook for interchange fees, or transaction fees a merchant’s bank must pay whenever a customer uses a card to make a purchase. Some interchange fees can exceed 3%.
That got Eric Shoykhet and Edward Lando thinking. The two entrepreneurs — friends since their first day as Wharton undergraduates — for years closely followed the adoption of open banking and bank account-based payments in Europe. They came to the conclusion the same thing would ultimately transpire in the U.S., and that the timing was right to launch a stateside startup — Link<...
