25 September 2017
visit www.avoka.com

Simple opens doors as CTO Payne moves on

26 July 2012  |  7555 views  |  0 Hands on keyboard

US banking start-up Simple has finally begun bringing on board the 125,000 people on its waiting list and waved off CTO Alex Payne.

In a blog post, founder Josh Reich says that, three years after he first pitched the idea of starting up a new bank, thousands of customers are being sent their Simple cards.

The process has been a longer slog than initially anticipated - back in March 2010 Reich set his sights on a launch by the end of that year, explicitly rejecting a long build up, arguing "it is near impossible to innovate with an imposed three year launch delay".

However, reality soon dawned as the size of the task at hand became apparent. The first cards were not issued to staff members until early 2011 with a few members of the public brought on board by the end of the year and now the waiting list that has built up is being tackled.

Says Reich: "As someone who has waited three years for this moment, the response from our customers has been humbling. The rate at which folks from our invitation list are becoming customers has exceeded all of our expectations. Simple has grown from an idea to a robust banking service, and we are just getting started."

Simple is not a bank, it works with chartered banks that hold deposits in FDIC-insured products, leaving it to concentrate on the front end, proving customers with easy-to-use, cutting edge Web and mobile services.

A key architect in the building of these services has been Alex Payne, the Twitter veteran who Reich brought on board early as CTO and said he wanted to help create "a bank that doesn't suck".

In a blog post, Payne says he has now quit: "While I'm extremely proud of the work everyone at Simple has done on the road to launch, I've come to recognize that the role of CTO isn't right for me at this point in my career."

For Reich though "we are only beginning: We seek to change an industry. The public's trust in banks is at an all-time low. People deserve better. At Simple, it is our dedication to our craft that has made the product what it is today, and ensures its future potential."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Simple launches iPhone app

Simple launches iPhone app

09 May 2012  |  7699 views  |  0 comments
BankSimple rebrands; opens doors to first customers

BankSimple rebrands; opens doors to first customers

08 November 2011  |  7243 views  |  0 comments
BankSimple demos user interface as launch nears

BankSimple demos user interface as launch nears

22 September 2011  |  8166 views  |  0 comments
BankSimple issues first cards to staff

BankSimple issues first cards to staff

20 May 2011  |  8114 views  |  1 comments
BankSimple taps TxVia for payment processing

BankSimple taps TxVia for payment processing

22 March 2011  |  9565 views  |  0 comments
BankSimple raises $3.1 million in early funding

BankSimple raises $3.1 million in early funding

02 September 2010  |  7587 views  |  0 comments
Twitter's Alex Payne joins BankSimple team

Twitter's Alex Payne joins BankSimple team

18 May 2010  |  10775 views  |  0 comments
Banksimple plans late-2010 launch

Banksimple plans late-2010 launch

23 March 2010  |  8724 views  |  0 comments
Online start-up banksimple preps for US launch

Online start-up banksimple preps for US launch

09 February 2010  |  12116 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.sibos.comvisit www.capgemini.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13650 views comments | 29 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
10402 views comments | 14 tweets | 30 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8679 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8623 views comments | 16 tweets | 1 linkedin
ISO 20022: The common language of choiceISO 20022: The common language of choice
8384 views comments | 1 tweets | 2 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job