In last week’s article, I briefly discussed the new fees J.P. Morgan would be charging to fintechs like PayPal. I argued that the impact would be immaterial and that this would be noise. I was able to get in touch with my contacts on the leadership team at PayPal to get direct comments from them.

Here’s what they had to say:

The impact was called “massively overblown.” They have limited exposure to data aggregators” and think of this data as “commodity-like.” There are several other avenues to access what it needs and PayPal has the “scale to navigate this in multiple ways.” They are not concerned about this decision in the least, and called any potential expenses stemming from it “de minimis.”

This meshes very well with what I said, but it’s still good to hear from leaders at the company confirming my thoughts.

P.S. welcome to the S&P 500, The Trade Desk.