Stripe extends infrastructure with Data Pipeline to sync financial data with Amazon and Snowflake – TechCrunch

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Stripe — the $95 billion-valued payments giant — is on a product sprint to expand its services and features beyond the basic payments that are its core business today. Today, the company unveiled Data Pipeline, an infrastructure product that will allow its users to link their Stripe transaction data to the data stores they maintain in Amazon Redshift or Snowflake’s Data Cloud.

This move underscores how Stripe is positioning itself as more than just a payments provider. It has ambitions to be a larger financial and data services powerhouse, a “financial infrastructure platform for businesses” in its own words.

The launch comes just weeks after the company announced Financial Connections, which allows Stripe customers to connect with their banking services of customers to obtain more complete financial data on these users.

Data Pipeline – which has been running in closed beta until now – has already attracted a few early customers: ChowNow, Housecall Pro, HubSpot, Lime, Shipt, and Zoom, which Stripe says use it to “automate downstream reporting and identify growth opportunities.” In other words, the payments are still happening, but now Stripe is turning the payment data resulting from them into a full-fledged profit center.

The product will allow users to more fully and easily integrate Stripe’s financial data with other business information, allowing those users to leverage that data in broader business intelligence efforts, as well as in financial reports and in their work monitoring business activity for fraud, security issues and more.

This is particularly the case of the launch by Stripe of an infrastructure product, particularly in the field of ETL (extract, transform, load), which it has built entirely in-house, with the aim of replacing third-party products for its users. It’s not the company’s first product aimed at the broader field of business analytics, however: in 2017, the company launched Sigma, a payment data tracking tool.

“While Sigma allows you to access/query your Bandaged data in the Bandaged Dashboard, Data Pipeline gives you access to your Bandaged data directly into your Snowflake or Amazon Redshift data warehouse,” said Vladi Shunturov, product manager at Stripe, in an email interview. “This way, Data Pipeline makes it easy to query your Bandaged data in combination with your other business data. »

Snowflake and Amazon work with other third-party ETL providers, and Stripe declined to comment on the financial arrangements, if any, that exist with those specific partnerships. He also declined to say whether he would add other data warehouse providers to this list.

“We are still considering ways to expand our services and better serve our users, but we don’t have any specific plans to share at this time,” Shunturov said..

With the Amazon and Snowflake integrations, Stripe has partnered with the two to use their respective data sharing technologies to create its product, he said. Specifically, Bandaged initiates a data sharing that allows us to store user data Bandaged data in the Bandaged cluster and then we provide the user with read access to that data. “This way the user can access their data without giving write access to their cluster,” he said. “We are committed to continuously improving data freshness and expanding the scope of out-of-the-box reports and metrics. To achieve this, we had to develop this capability natively on Stripe. »

Shunturov added that the impetus for the product, and perhaps the company’s strategic roadmap for how it develops this new wave of services as a whole, comes from user demands.

Bandaged users, and especially power users, have been asking for easier ways to not just export, but to constantly sync their Bandaged data to their data warehouse so they can centralize their Bandaged data with other enterprise data without having to build or maintain API integration themselves,” he said. “By making product-level reporting and metrics available, we are also significantly reducing the data engineering investment our users need to invest in transforming raw data into business insights. Snowflake and Amazon Redshift were selected as initial launch partners due to high user demand. In fact, both were the most widely used data warehouses among Bandaged user community.

Data Pipeline is currently only in the US, for Stripe users who also use Amazon Redshift or Snowflake’s Data Cloud.

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