BankSimple Raises $10 Million Led By IA Ventures

Posted Aug 15, 2011

BankSimple has announced $10 million in funding led by IA Ventures and previous investor Shasta Ventures. This is BankSimple’s Series B round of funding. The company previously raised $3.1 million in their Series A round. The company’s seed investors include IA Ventures, First Round Capital, SV Angel, Village Ventures, etc. That is not the only thing that the company had announced. They also made some partnerships.

BankSimple made partnerships with CBW Bank, Allpoint, Visa, The Bancorp Bank, TxVIA, and Andera. BankSimple is currently in stealth mode. The company should be opening up by the end of the year and will be sending cards out to their family and friends soon to test out.

BankSimple was co-founded by CEO Joshua Reich, CFO Shamir Karkal, and CTO Alex Payne. BankSimple aims to make banking less complicated by providing a way for people to save money. BankSimple also wants to make it possible to track transactions in real-time.