This 28-year-old's Iowa startup moves $350 million a year.

Re:This 28-year-old's Iowa startup moves $350 million a year. by Stenerson on Saturday November 12, 2011 @05:52PM (#3229166)

If the average transaction is $500 and they move $350MM a year, that's only $175,000 in revenue. I know they are still a young startup but that's certainly a less sexy number than the headline tries to imply.

Am I missing something?

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Re:This 28-year-old's Iowa startup moves $350 million a year. by Jyaif on Saturday November 12, 2011 @06:17PM (#3229228)

Money isn't everything, I think he's more interested in changing the world: those 2% banks take for every transaction is a relic from the past that still exist because of a lack of competition, and the greed of those who dared to compete. I am really impressed by this guy.

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Re:This 28-year-old's Iowa startup moves $350 million a year. by omarchowdhury on Saturday November 12, 2011 @06:43PM (#3229288)

Those 2.0% the bank take for every transaction is because they own the transaction network.

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Re:This 28-year-old's Iowa startup moves $350 million a year. by nate_meurer on Saturday November 12, 2011 @06:20PM (#3229231)

I think the more impressive stat is the growth in volume. Explosive it is.

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