Capital for platforms is not for Stripe’s customers, but rather the customer of Stripe’s customers, which is to say, Stripe is asserting itself as the platform of platforms

Stripe Treasury, as its website notes, is banking-as-a-service, but, critically, Stripe is not a bank

In a decade, Stripe has gone from accepting payments, which is now a commodity business, to providing an increasingly comprehensive suite of products that make it easy to start and run an online business.