I have been reading with great interest about the startup BankSimple.
They have just secured a $2.9 million round of finance for quite an ambitious play in the online banking environment.
Banksimple is an almost hybrid solution between having real-world banking services in an online environment.
Banksimple hopes to revolutionise the way we do banking by providing an online only banking solution (hey I don’t know many people that don’t use online banking already) and integrating a social media type platform into their system.
All Banksimple customers will receive a BankSimple debit card for use across the US. I don’t foresee anything beyond the US for the near future as this is complicated enough to get right from an operational and regulatory perspective.
Well Banksimple will not charge any fees on anything – they plan on making their money on interchange and interest margin, if you don’t have a clue what this means (as I did a few minutes ago) then go to BankSimple’s website and have a look at what they’re doing.
What I really like is the out of the box thinking with their online platform and social media integration. I think that many companies focus so heavily on the big and better approach that they miss out on doing things simply and efficiently.
What’s your take on this?