BankSimple: A Bank That Doesn't Suck
BankSimple’s dream team (left to right, from top): Thomas Lockney, engineer; Shamir Karkal, CFO; Bill DeRouchey, creative director; Josh Reich, CEO; Toby Sterrett, engineer; Brian Merritt, operations; Alex Payne, Cto; and Ian Collins, engineer.
Inside BankSimple's quest to put user experience above all else.
"Let's Start a retail bank." That was the email subject line that greeted Jerry Neumann, a venture capitalist, one morning in 2009. The sender: his former employee Josh Reich, a Wall Street denizen so fed up with his personal-banking experience -- the hidden fees, the confusing jargon, the poor customer service -- that he vowed to build a better one.
Alas, regulatory roadblocks prevent most people from bootstrapping a bank. So Reich and partner Shamir Karkal created BankSimple instead.
The New York tech startup, which in May launched a closed-beta version of its web app, aims to streamline the U.S. banking experience by decoupling it from actual banks.
Inside BankSimple's quest to put user experience above all else.
"Let's Start a retail bank." That was the email subject line that greeted Jerry Neumann, a venture capitalist, one morning in 2009. The sender: his former employee Josh Reich, a Wall Street denizen so fed up with his personal-banking experience -- the hidden fees, the confusing jargon, the poor customer service -- that he vowed to build a better one.
Alas, regulatory roadblocks prevent most people from bootstrapping a bank. So Reich and partner Shamir Karkal created BankSimple instead.
The New York tech startup, which in May launched a closed-beta version of its web app, aims to streamline the U.S. banking experience by decoupling it from actual banks.
- 6/22/2011
- by Tim Fernholz
- Fast Company
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