“LET’S START a retail bank.” That was the email subject line that greeted Jerry Neumann, a venture capitalist, one morning in 2009. The sender: his former employee Josh Reich, a Wall Street denizen so fed up with his personal-banking experience — the hidden fees, the confusing jargon, the poor customer service — that he vowed to build a better one.

Alas, regulatory roadblocks prevent most people from bootstrapping a bank. So Reich and partner Shamir Karkal created BankSimple instead.

I believe this marks my first ever appearance in a magazine that could be accurately described as “glossy.”


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