We're building a new kind of bank - Yes, an actual real bank. We're starting with a small acquisition and re-building the underlying tech from the ground up. The ultimate goal is creating a bank consumers would actually love to use. Think of paying your bills via "push" vs "pull" so instead of simply paying someone on autopay and authorizing them to debit your account at their will we'd actually say something like "h…
I think there's a huge need for an actual new bank that is built on technology. It's one of those obvious big need problem. One of the big problems founders usually run into when doing this, though, is dealing with the mass of regulatory requirements involved. How are you thinking about this? Which of the many different services offered by a bank will you target first? Is it going to be that payments piece you are de…
Because we've targeted a handful of very small institutions with those charters in place and the banks are in good standing it actually allows us to skirt some of the pain points of trying to charter one ourselves but also allows us to hit the ground running on the technology front.
We think the bill pay/secured payments could be the one to target first because we think there is value in just being a great traditional savings and loan bank. However, the main thing we're thinking through now is if this is a big enough segment to gain real traction with consumers or if we need more of a WOW product for mass adoption.