We are not a bank. We work with partner banks (soon to be announced) to provide FDIC insured products. What this means for you is that your money is safely insured with our partners. Our wholesale partners provide the financial products, we provide the customer service and experience.
Talk about a challenging startup... "A banking startup" would probably be at the top of any list of "startups that you probably shouldn't even bother trying", right below "anything to do with recorded music. BankSimple hasn't pulled it off yet, but so far it looks like they might.