AMSTERDAM — The co-founder of $95 billion fintech giant Stripe defended the company’s business practices after complaints from rivals that it engages in unfair competition.

John Collison (President of Stripe) stated Tuesday that he’s “pretty openly unapologetic” about Stripe’s decision not to launch features similar to those offered by rival fintech companies.

Many critics are often directed at major tech platforms for taking ideas from small competitors. Facebook parent company MetaAnd TwitterMany have been charged with imitating Clubhouse’s audio chat app, as well as creating their own rival features.

Stripe was once viewed as the darling Silicon Valley. Now it is facing a lot of challenges. allegations of foul playBolt and Plaid are two other financial technology companies that offer one-click checkout services. This allows fintech firms to securely access their customers data.

Bolt’s founder Ryan Breslow called Stripe a Silicon Valley mob boss. He accuses Stripe of working with Sequoia investors and Y Combinator to hinder rival companies from competing.

Plaid CEO Zach Perret, in a tweet that has since been deleted, accused Stripe using information from an interview with Plaid for launching a product similar to Financial Connections.

In one tweet, Breslow — who has since stepped down as Bolt’s CEO — accused Stripe of running a “monopoly on technical eyeballs,” claiming the company made it harder for competing fintech firms to get coverage on Hacker News, a popular tech news website owned by Y Combinator.

Collison stated that any suggestion Stripe has a monopoly was “ludicrous” and “disprovable”.

He added that “there are so many payments companies” and mentioned firms like PayPalAnd AdyenStripe has plenty of competition

Stripe was able to process $640 Billion in transactions volume last year. That’s an increase of 60% over 2020.

The possibility of the firm being listed has been speculated for a long time by investors. Collison stated that Stripe was “very happy” to remain private at the moment.