Betabeat just received a note from the personal finance startup formerly known as BankSimple. The first signup was in February 2010, the company says, and it’s first come, first serve. That means people who signed up recently will have to wait until summer to get their invites. “We have begun sending out invites, currently a few dozen at a time, and then we will escalate from there,” Simple says. “If that seems a bit slow, it is deliberate. To get ready for a wider release, we are beginning with the core features of spending and depositing, and looking to our first customers for feedback before releasing the full product.”
Simple started up in New York but recently moved to Portland. The company’s prelaunch troubles remind us of what held up Jack Dorsey’s Square, the mobile payments processing dongle, production of which was delayed due to concerns about security. After the product was release, Square faced accusations over the security of its system from competitor VeriFone, which said the device could easily be used to steal credit card information.
Simple has decided it’s better to keep customers waiting and err on the side of caution rather than rush the product out the door–even though the wait time is now approaching two years.
“You’ve been on the list a long time, and we’re thankful that you have stuck with us,” Simple says. “Those of you who signed up most recently can expect to receive your invite by summer. Those of you who signed up earlier will receive their invite sooner. We’ve been using the full product internally for a few months, but Simple presents key departures from how banking typically works and we want to make sure that you all love it as much as we do.”
The company is careful not to apologize, merely thanking users for their support.