Welcoming Visa, Bancorp, CBW, Allpoint, Andera, and Additional Financing
BankSimple is designed to replace your bank, and while we focus on crafting a uniquely personal, information-rich customer experience, we rely on best-of-breed partners to provide core back-end payments and banking infrastructure. As we approach our launch, we are thrilled to announce our relationships with Visa, The Bancorp Bank, CBW Bank, Allpoint, and Andera. This follows our recently announced partnership with TxVia, which provides the connectivity layer among the relationships we are announcing today.
Offering Visa cards will enable BankSimple customers to make purchases and receive cash back at millions of merchants worldwide. Running the largest global payments network is complex and requires Visa to make substantial investments in fraud prevention tools, information management and risk management; our customers will benefit from Visa’s decades of experience and expertise in delivering convenient and secure payments.
BankSimple customers’ deposits will be held in FDIC-insured products at The Bancorp Bank and CBW Bank. We take great care in selecting our partner banks. Beyond having rock-solid balance sheets, our bank partners must meet two specific criteria. First and foremost, our partners must share our vision. That means no surprise fees and full transparency into product terms and conditions. Second, our bank partners must support modern real-time systems that enable deep connectivity with the BankSimple platform. Our partnership with Andera will help us rapidly bring new bank partners onboard and streamline the account opening process for our customers. We are excited about our partnerships with The Bancorp Bank, CBW Bank, and Andera and we look forward to announcing additional partners soon.
In addition to being able to use their cards for purchases or cash back at millions of Visa merchants worldwide, our partnership with Allpoint – the nation’s largest surcharge-free ATM network – will offer BankSimple customers fee-free access to over 43,000 ATMs nationwide. That is more than twice the number of ATMs that America’s largest bank offers.
While customers’ deposits will be held at our partner banks and card payments will be supported by Visa, the customer experience is solely designed by BankSimple. Our customers will manage their finances through our web and mobile apps, which are driven by our real-time accounting systems and meta-data services. When customers call BankSimple, their calls will be routed to our own customer service staff via a call center platform developed by BankSimple.
In addition to welcoming our infrastructure partners, we’re delighted to announce that we’ve secured $10 million in additional financing to help fund our growth. The financing was led by current investor IA Ventures and joined by our existing investors and Shasta Ventures, a firm that shares our deep passion for user experience design. This financing allows us to shift gears from building BankSimple to launching BankSimple. Our business has many moving parts and this capital allows us to scale our engineering, operations, and customer service organizations in preparation for launch.
We can’t wait to begin opening our doors this year with the support of Visa, The Bancorp Bank, CBW, Allpoint, Andera, and our investors. Our staff will continue testing our service with their white cards and we’ll be expanding the test to include friends and family soon.