Column: The Fintech Startup Disrupting Banking From the Inside
William Hockey, the co-founder of Plaid and now CEO of Column, is building a different kind of financial technology company. While Plaid focused on connecting apps to existing bank accounts, Column is taking a more fundamental approach: operating its own bank to provide infrastructure for the next generation of fintechs. Despite shunning traditional venture capital, Column is already processing a significant portion of financial transactions in the Bay Area and beyond, quietly becoming a major player in the fintech landscape.
From Plaid to Building a Bank
William Hockey first gained prominence as the co-founder and CTO of Plaid [1]. Plaid revolutionized how fintech applications accessed customer bank account data. After leaving his executive role at Plaid in 2019, remaining on the board of directors [2], Hockey embarked on a new venture with his wife, Annie Hockey: Column. Launched in 2022, Column is a federally chartered bank designed to simplify and accelerate the development of financial products [2].
A Unique Approach: Bootstrapped Growth and Technical Depth
Unlike many fintech startups that rely heavily on venture capital, Column has been largely bootstrapped. Hockey reportedly declined investment offers from friends and other investors, maintaining control and a long-term vision for the company [2]. This approach has allowed Column to focus on building a robust and technically sophisticated banking infrastructure. In 2021, the Hockeys personally invested $50 million to acquire Northern California National Bank, rebranding it as Column National Association [2].
Powering the Fintech Ecosystem
Column’s software powers a growing list of prominent fintech companies, including Bilt, Brex, Mercury, Ramp, and Wise [2]. The bank provides essential services such as account opening, payment processing, and loan facilitation. However, Column differentiates itself through its expertise in complex areas like international payments and real-time processing via direct connections to systems like the Federal Reserve’s Fedwire [2]. Mercury co-founder and CEO Immad Akhund described Column’s API as “one of the best we’ve ever seen” [2].
Financial Performance and Future Outlook
Despite operating without significant external funding, Column has achieved impressive financial results. The company reportedly doubled its revenue to $200 million in the past year, with free cash flow exceeding $100 million, or approximately $1 million per employee [2]. Column estimates it currently processes as much as 40% of all money moving across the Bay Area’s tech industry [2]. William Hockey, born in 1989, remains focused on building and improving the underlying infrastructure, preferring to prioritize engineering and product development over public relations and fundraising [1].