FT Partners’ Steve McLaughlin Fights ‘Blood Brothers’ Over Fees

In mid-2020, when cryptocurrency firm Circle needed to raise cash, CEO Jeremy Allaire sought out Steve McLaughlin, founder of investment bank FT Partners and a force in fintech dealmaking.

For its services, FT wanted a percentage of any capital it raised for Circle, plus fees on any future fundraising or acquisition, even if FT wasn’t involved. While those terms are far longer than what most banks expect, Allaire agreed, telling McLaughlin in an email: “I can live with this. Blood brothers. Let’s do something great together!”