Simple, a new online banking concept is founded on the insight that online banking is horrible and sometimes dangerous experience. In turn, Simple’s entire banking experience is presented in well,. Plain and simple language.” At its core the bank revolves around what they call a consumers’ “safe to spend” amount which takes all your your accounts and discounts commitments in order to tell you how much you can spend today without harming yourself tomorrow.
There’s also an emphasis on speed of information and the reduction of anxiety surrounding your money in order to improve financial behavior. Essentially, the company is taking traditional banking concepts and adapting them to how consumers think about their money.
The company itself has raised an impressive amount of capital for a pre-launch venture. Following a $3.1 million round in September 2010 it raised another $10 million in August 2011. It just recently began letting users interact with their product in a beta version this November.