Simple veterans Brian Merritt and Ryan Hildebrand have set their sights on the world of business banking, introducing their new neobank called Seed and launching an API.
In a blog post, the co-founders argue that traditional banks have lost their way in the provision of services to businesses, "using dated, one-size-fits-all platforms that employ poor technology while providing frustrating customer service".
Seed is promising "modern, efficient, and secure mobile and web applications for online banking, so you can effortlessly manage your business wherever you are".
The Y Combinator-backed startup is offering up to $50 million of FDIC insurance, free domestic wire transfers, ACH transactions and cheque sending, and "low-cost" international payments.
Seed is now inviting businesses to apply for an invite. Although its own apps will not appear for a few months, the firm has released what it claims is the world's first business banking API, enabling firms to build their own tools.
Merritt and Hildebrand both have form when it comes to building a digital neobank, spending several years in senior positions at Simple, the consumer-focused platform that generated huge attention, if few customers, before being acquired last year by BBVA for $117 million.