Bursar Bulletin: Corporate espionage has hit fintech - it's highly entertaining.
A James-Bond-esque corporate espionage story has hit the world of Fintech; it reads almost like a satirical spy novel. Plus, Circle has an epic stock market debut.
Hey folks!
After the last few weeks, with all the legislation changes and technical deep dives, I thought it would be fun to switch things up with a little brevity. Fortunately for us, there is a real-world spy saga playing out in the world of fintech - so here’s a modern day fintech spy thriller for your Tuesday morning commute. Enjoy!
🎭 The Payroll Spy Games: Rippling vs. Deel
In the shadowy corridors of Silicon Valley, where startups rise and fall with the click of a keyboard, a tale of espionage has unfolded that rivals any spy thriller. Two titans of HR tech, Rippling and Deel, have become entangled in a web of allegations, counterclaims, and cloak-and-dagger tactics that have left the industry buzzing.
For those who don't breathe HR-tech fumes daily: Rippling and Deel are multi-billion dollar darlings in the world of global payroll and workforce management. They help companies onboard, pay, and manage employees across borders.
They also happen to hate each other. A lot.
Act I: The Spy Who Came In from the Payroll
Our story begins with Keith O'Brien, a compliance officer at Rippling's Dublin office. According to court documents, O'Brien was approached by Deel's CEO, Alex Bouaziz, with a proposition straight out of a spy novel: remain at Rippling and covertly gather sensitive data for Deel. Enticed by the offer, O'Brien allegedly agreed, receiving monthly payments of over $5,000, often in cryptocurrency, to avoid detection.
Using encrypted messaging apps and code words, O'Brien reportedly starting transmitting confidential information, including sales leads and internal communications, back to Deel in late 2024.
Act II: Operation Slacktrap
The operation continued for several months until Rippling, suspecting foul play, set a trap: a fake Slack channel labeled “sensitive materials”, designed to lure in the mole. O'Brien took the bait, confirming Rippling's suspicions. When O’Brien accessed it and screenshotted its contents (allegedly), Rippling had their mole.
Once cornered, O’Brien didn’t lawyer up. He allegedly grabbed a sledgehammer, locked himself in a bathroom stall, smashed his phone, and flushed the fragments. If this is starting to sound more like Breaking Bad than a B2B spat… you’re not wrong.
Rippling filed suit in March 2025, seeking damages and an injunction. Deel denied everything - and then countersued, claiming Rippling was the one doing the spying. Their allegation? That a Rippling employee posed as a potential Deel customer to infiltrate internal sales demos and extract proprietary info.
The spy-vs-spy energy was real.
Act III: The Royal Flush
O’Brien informed Alex (Deel’s CEO) about the situation, prompting two Deel attorneys to reach out. According to the affidavit, they proposed relocating O’Brien and his family to Dubai and advised him to remain silent.
During later conversations, one of the lawyers allegedly promised that Deel would handle his legal expenses - so long as he stayed quiet. The same attorney also urged him to dispose of his old phone. O’Brien complied by taking an axe to the device and discarding it down a drain at his mother-in-law’s residence. Guy loves an axe it would seem - bit dramatic if you ask me….
Act IV: Legal Crossfire
Rippling responded by filing a lawsuit against Deel, accusing the company of orchestrating a corporate espionage scheme. Deel, in turn, denied the allegations and filed a countersuit, claiming that Rippling had engaged in its own espionage tactics by having an employee pose as a Deel customer to gather proprietary information.
As the lawsuits fly, both companies have taken steps to mitigate the fallout. Deel has bolstered its governance structures and ended certain practices to address the allegations. Rippling, meanwhile, maintains its commitment to ethical competition and continues to deny any wrongdoing.
The legal battle has drawn attention from regulators and industry observers alike, raising questions about the lengths to which companies will go to gain a competitive edge in the fast-paced world of tech startups.
What else happened this week?
Circle, a blockchain company and stablecoin issuer, went public last Thursday; the stock finished the day up 168% amidst investor excitement about the potential of stablecoins as the future of money. Read more here.
Uber is reportedly considering using stablecoins for cross-bored money transfers. Read more here.
Wise, a European fintech focused on international transfers, is moving it’s primary stock listing to New York - a major blow to the London Stock Exchange. Read more here.