The Zappos of Finance
The one-page profile in the magazine’s Next column (p. 32) is titled:
A Bank that Doesn’t Suck
For Netbanker readers, the article mostly covered familiar ground. However, there were two huge reveals near the end that I almost missed; two banks the startup is working with to power its services:
- Bancorp Inc, a public holding company (TBBK) that powers 300 affinity banking programs around the country (note 1) which will likely power BankSimple debit cards among other things. Bancorp Bank EVP Pete Chiccino was quoted in the FastCompany article.
- CBW Bank, a small privately held bank based in Weir, Kansas with just $6 million in deposits (note 2), which will likely hold BankSimple-gathered deposits.
BankSimple has a wait-list of 50,000 for beta invites. According to the article, 12,000 of those will be allowed in by year-end before its general-public launch in 2012.
1. The Bancorp is a Finovate sponsor
2. It took 119 years for the bank to get to $6 million in deposits for a net growth of $50,000 per year. They’ll get that much in the first 10 minutes after BankSimple opens its doors.