Boston based PerkStreet has quietly been building a financial services company with the hopes of dethroning the big banks of the world that spurred the Occupy movements. The company has raised over $15 million in venture funding, seen incredible growth in 2011 and today announced the addition of financial services industry veteran Scott Thompson to their Board of Directors. Thompson has been the President of PayPal since 2008, and will be taking an active role in the continued development and execution of PerkStreet’s strategy.
“PerkStreet is fundamentally reinventing how people engage with their money through its digital bank accounts, innovative use of technology and customer-driven online community,” said Scott Thompson, PayPal’s President. “PerkStreet is helping Americans live better financial lives and I’m thrilled to be part of the team making it
happen.
This is a huge pull for PerkStreet and solidifies their place in the financial services industry. Having Thompson’s 25 years of experience and enormous network to leverage will be extremely valuable for the next phase of PerkStreet’s growth.
“At PerkStreet, we are giving Americans millions in cash back every year for smart financial decisions like spending on a debit card and saving money. This is highly disruptive to a banking system that has encouraged excessive spending and debt,” said Dan O’Malley, co-founder and CEO of PerkStreet Financial. “As the head of PayPal, Scott leads the largest disruptive financial services business in the world. His experience will be invaluable as PerkStreet continues its rapid growth.
PerkStreet was founded in 2008 and is modeled after ING’s virtual savings account approach. However, they are 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.
