Banksimple Closes Series A Funding

Banksimple, a New York City, based-company developing a user-friendly electronic service that allows people to manage their finances, has closed a €2.9m Series A financing round.
The investment was led by First Round Capital, IA Ventures, and Village Ventures, with participation from Jerry Neumann, SV Angel, Nauiokas Park and other undisclosed angel investors.
BankSimple aims to partner with chartered banks to provide FDIC insured products and gives customers a simple banking experience.  With BankSimple, customers receive a debit card that enables access to a larfe network of fee-free ATMs. The BankSimple service includes intuitive online and mobile interfaces, free online bill payment, money transfers and responsive customer service via the phone and web and an open API for third-party developers. 

This capital infusion will enable the company to close partnerships with financial institutions in the coming months. Following this, BankSimple will begin inviting customers to test the service in order to prepare it for the official launch.

According to John Reich, CEO, “With over 20,000 people already waiting to join, our goal is to provide them nothing less than an unparalleled level of personal customer service. Once we provide the best possible experience to everyone, then we’ll open the service to everyone”.



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