Simple (bank)

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This article is about the bank. For the defunct application service provider, see Simple.com.
Simple Finance Technology Corp.
Trading name Simple
Industry Banking, Financial services
Founded 2009
Founder(s)
  • Shamir Karkal
  • Alex Payne
  • Joshua Reich
Headquarters Portland, Oregon, U.S.
Area served U.S.
Key people
  • Joshua Reich (CEO)
  • Shamir Karkal (CFO)
Products Consumer banking
Employees 77 (2013)
Website Simple.com
References: [1][2][3][4][5]

Simple (previously BankSimple) is an American banking company headquartered in Portland, Oregon offering a suite of all-electronic consumer banking services. Simple partners with The Bancorp to provide FDIC-insured checking accounts, and partners with Allpoint to offer surcharge-free access to its national network of ATMs.[1]

Simple has raised a total of $15.3 million in funding.[2] Currently, new accounts are by invitation only.

History

Simple was founded by former CTO Alex Payne, CEO Joshua Reich and CFO Shamir Karkal in 2009.[2][3] The company launched in the summer of 2012 as a limited beta.[3][6]

By January 2013, the company had 20,000 customers and had processed more than $200 million in transactions.[7] By July 2013, its customers had increased to 40,000 and total transaction values increased to greater than $1 billion.[4] At year's end in 2013, Simple reported processing on average around 13 debit transactions per minute with an overall customer balance of $64 million.[5]

Business model

In contrast with traditional consumer banks, Simple has no physical branches.[8] Instead, account-holders are issued Visa debit cards and have access to an online banking system accessible through Simple.com or mobile apps for Android or iOS. Simple earns revenue by collecting interest on customer deposits and through the collection of interchange fees.[1]

Features

  • Simple mobile apps became available for iOS and Android in May 2012 and January 2013, respectively.[9][10]
  • Checks are deposited through Simple's smartphone apps or by mail. A bill pay service prints checks and mails them to specified recipients.
  • Simple's online banking interface integrates hashtag searching, memos and location-based information for users' transaction history.
  • Using the Goals feature, account holders are able to schedule automatic savings on a specified basis.

References

  1. ↑ 1.0 1.1 1.2 "Simple: FAQ". Simple. 
  2. ↑ 2.0 2.1 2.2 "Simple Finance Technology Corp: CrunchBase Profile". CrunchBase. 
  3. ↑ 3.0 3.1 3.2 Reich, Joshua (2012-07-25). "The Beginning". Simple. Retrieved 2013-08-07. 
  4. ↑ 4.0 4.1 Reich, Joshua (2013-07-15). "One Year with Our Customers". Simple. Retrieved 2013-08-07. 
  5. ↑ 5.0 5.1 "Simple / 2013". Simple. Retrieved 2013-12-30. 
  6. ↑ Kincaid, Jason (2011-11-11). "BankSimple is Now Just 'Simple'". TechCrunch. Retrieved 2013-02-12. 
  7. ↑ "A Financial Service for People Fed Up With Banks". The New York Times. 
  8. ↑ "Can BankSimple Live Up To Its Name?". GigaOm. 
  9. ↑ Robertson, Adi (2012-05-09). "Banking substitute Simple releases iPhone app". The Verge. Retrieved 2013-02-12. 
  10. ↑ Jeffries, Adrianne (2013-01-15). "Simple's online-only banking app launches on Android". The Verge. Retrieved 2013-02-12. 
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