4 ms·
I sound like a broken record, but it all comes down to money transmission laws. http://www.thinkcomputer.com/20140214.cfpbcomment.pdf http://www.thinkcomputer.
by thinkcomp 13y ago
I sound like a broken record, but it all comes down to money transmission laws.
http://www.thinkcomputer.com/20140214.cfpbcomment.pdf http://www.thinkcomputer.com/20140214.cfpbcomment.pdf
- zt 13y agoI'm the author. I wouldn't agree. If you built a bank, you aren't subject to the same money transmission regulations. You're subject to many other regulations...
- thinkcomp 13y agoAnd you can't "build a bank," even in five years, as Simple just showed us, unless you have unbelievable wealth, or a bank already.
- dkimerling 13y agoI strongly disagree. Simple did not try to build a bank.
- thinkcomp 13y agoSure sounds like it started that way. "Four and a half years ago I sent an email to my future co-founder Shamir with the subject “Let’s start a retail bank.” Over the following weeks, Simple was born." https://www.simple.com/blog/the-next-chapter/ https://www.simple.com/blog/the-next-chapter/
- zbruhnke 13y agoThough this might have been their original intent, it was not the end result, ultimately they partnered with a bank and offered a fairly normal checking and savings account to their customers. Was it a bank-like experience? absolutely(which is what I would argue is a HUGE part of the problem) but was it their own bank? Absolutely not
- vonmoltke 13y agoSimple isn't a bank; they are an intermediary. Starting a proper, chartered bank does not require "unbelievable wealth". Its certainly not something you are going to bootstrap without being a millionaire, but it is doable. Furthermore, if you want to build a bank you must be prepared for "normal" (i.e., non-startup) growth rates.