Josh Reich, a former equity researcher at a New York investment fund, last year co-founded BankSimple (with Shamir Karkal), an alternative bank with "the agility and mindset of a tech company." Spending next to nothing on marketing, but through generated buzz online, thousands of people have already signed up to use the service that hasn't even started providing yet.
This fall, BankSimple plans to serve an initial 10,000 customers, giving members a single card that functions like a debit card, while being linked to a small credit line. Customers can get cash from 50,000 ATMs in small banks, stores, etc. throughout the U.S.
Through this is an Internet-only bank with no branches, its goal is for customers to be able to set financial goals and to establish another means to have a bank, without being in its traditional form.
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