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The New New Bankers

The New New Bankers

Simple’s Up and Running, But It’s Got a Long Way to Go

Spiffy! (simple.com)

Here’s something that’ll resonate if you’ve tried to communicate with your bank lately: “Banks make money by keeping customers confused.” That’s how Josh Reich, cofounder of Simple, explained his company to the New York Times. “There’s no incentives to make the experience better,” he added.

Today the Times writes about how Mr. Reich and his cofounder Shamir Karkal want to provide an alternative, in the form of a stripped down, perfectly clear alternative–one completely without sob-inducing hidden fees.

Of course, that’s easier said than done. Read More

The New New Bankers

Startupland’s Next World-Changing Idea: Monetizing the Poor

payday-loans

In an incisive blog post about Silicon Valley culture, Catherine Bracy, a former program manager for Tech4Obama recently wrote, “It feels like, and often is, a bunch of Stanford guys making tools to fix their own problems.”

There are, however, some exceptions to that myopic world view. Like the growing sector of well-funded startups profiting off the working class by re-imagining the pay day loan. Like every new tech market, this one comes with its own jargon. The founders behind camel case companies like ZestFinance, LendUp, and SpotLoan say they just wanna help the “underbanked.” Read More