BankSimple announced a $10 million raise, partnerships with Visa, The Bancorp Bank and CBW Bank, as well as a Providence-based Andera, a B2B software company that will power its online account opening process. “We at @ShastaVC are absolutely STOKED to announce our investment in @BankSimple. Making people’s banking lives easier,” tweeted VC Jacob Mullins. But he had the wrong tense. The personal finance start-upwas aiming for a spring beta launch, but has yet to communicate with the more than 50,000 users who signed up for the beta or, as far as we know, release any cards beyond a small test batch.
In the interim between the missed deadline and the present, BankSimple hired a two-person customer service staff–indicating the anticipation of customers!–and had a falling out with its lead engineer–indicating some stress within the ambitious company.
But some details are emerging, suggesting that BankSimple may have hammered out the kinks. “The service features fee-free access to over 43,000 ATMs, free online bill payment, fast and painless money transfers, and responsive customer service via the phone and web,” the company says. Present tense!