New kids on the banking block, PerkStreet Financial has just announced a $9 million series B round of investment from Globespan Capital Partners and Highland Capital Partners. The company has raised over $15 million in total.

PerkStreet was founded in 2008 and is modeled after ING’s virtual savings account approach. However, this Boston bank is taking the approach to the next level by offering virtual checking/debit card accounts. Much in the same way ING did with savings accounts, PerkStreet is changing the game of banking by appealing to customers who don’t care about standing in front of a teller to make transactions — users who are cool with banking online and at ATMs only. But PerkStreet offers much more than convenience for the web savvy.

Because PerkStreet is able to keep costs extremely low – no storefronts or tellers – they are the only bank to offer unlimited 2% cash back on debit card purchases. In fact their operating costs are some 70% less than those of traditional banks.

And 2% adds up fast, the company also announced today that they are now putting a million dollars a year back into their customers pockets. Cha ching.

The company has also seen tremendous growth over the past year – quadrupling their customer base. PerkStreet is now serving more customers than half  the banks and credit unions in the country. They also have customers in all 50 states.

In addition to quadrupling their customer base in the last six months, a source close to the company told BostInno yesterday that they’ve also quadrupled revenues over that same time period.

This new round of investment will enable PerkStreet to create more ways for their customers to save money, including:

  • Increasing the amount of cash back they can earn;
  • Connecting with an expanded community to share secrets for saving;
  • Accessing an expanded set of financial services from PerkStreet
  • Using a groundbreaking set of online tools to identify additional ways to  save and reach financial goals faster.

Congrats to PerkStreet on the funding and reaching some major milestones.

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