Simple Just Got Fancy

Note from the Publisher:  We have some good friends in Portland and were perusing a local website up there when we saw that online bank Simple has started construction on a gorgeous new 50,000 sf facility.  What’s particularly interesting is that the firm, founded by an Australian and Indian, was originally located in NYC, but as their customer base grew, so did their employee needs, and they opted to relocate to Portland in 2011. 

As they have continued to grow, they’ve already had to move once to accomodate their expanding workforce, so hence the need for the new building, which will be completed by 2018.  In fact, they have experienced a 43% increase in customers in just 6 months.  This is what our audience needs to understand about fintech.  Some of these companies are clearly not going to make it, but the ones that do, can grow explosively.  According to their website, actual “(b)anking services are provided by Compass Bank and The Bancorp Bank”, and the same is the case with their Simple Visa.”

“Founded in 2009 by Australian Josh Reich and Indian Shamir Karkal, Simple is an online bank that streamlines saving and budgeting. Launched in New York, Simple’s team moved west in 2011, drawn to Portland by the creative culture and affordable rent.

The concept behind the company—creating virtual envelopes for your money, allowing you to have specific savings goals—has proven very popular, translating into a 43 percent spike in customer base in the last six months alone, and putting Simple on track to be one of the nation’s fastest growing banks. An increase in clients means more employees, which spurred Simple to move their headquarters from Northwest to the Central Eastside in last May, where they welcomed 300 new staffers.”

Read Full Article at PDXMonthly