PerkStreet Financial, an online financial services outfit which offered customers cash-back rewards on debit card spending, is shutting down because of lack of funds.
In a statement on its site, the Boston-based outfit says that having failed over the last six months to secure new funding, it will cease all operations on 26 September.
PerkStreet worked with Bancorp Bank and Provident Bank to offer customers online checking accounts. Its selling point was generous 'perks', cash-back rewards on debit card spending. The firm doled out around $4 million in perks in total.
For existing customers, accounts held at Provident will be closed but those with Bancorp can remain open, if customers want, letting them carry out normal banking activity but not earn cash-back rewards.