BankSimple Soon to Launch Easier Banking Experience

With the economy still trying to rise from its recession, it’s important that people know how they should spend their money. Banks don’t often give out practical advice to their clients, but instead offer more products. Ironically, these products will make clients spend more in order to save up. That’s why a New York City-based startup called BankSimple led by CEO Joshua Reich seeks to make banking simple.

BankSimple’s goal is to make, “a better interface for banking through the Web and mobile apps.” Through the startup, customers will be able to gather all their accounts in a single dashboard, which gathers all the data their accounts have. All the data will be transparent in each personal dashboard, which will also tell each individual customer how much they are spending, and their “safe to spend” balance. With this kind of transparency in information, BankSimple will be able to help their customers reach their financial goals at a faster rate.

BankSimple has yet to be launched, and you can be sure many people will be waiting when this happens. But BankSimple is not only getting busy with developing their online and mobile app, it’s closing deals with some investors and funders. As of present, First Round Capital, Village Ventures, SV Angel (headed by Ron Conway), Nauiokas Park, Jerry Neumann, and Roger Ehrengerg of IA Ventures, have teamed up to raise funds for BankSimple. The startup didn’t say how much money was raised, but it’s estimated to be about $3 million, which is more than enough for starting capital.

Reich is planning to team up with wholesale banks that will hold deposits, to avoid the stress of taking charge of huge amounts of money. He knows that BankSimple will gain more revenues if the startup controls the deposits, but for him, it’s not about the money; it’s about making the banking experience less stressful and more enjoyable, and also productive. Now that’s a startup worth investing in.

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