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PerkStreet information


PerkStreet Financial
Trade name
PerkStreet
IndustryFinance
FoundedBoston, Massachusetts, United States (November, 2009)
DefunctAugust, 2013
FateDefunct
Headquarters
Boston, Massachusetts
,
United States
OwnerDan O'Malley
Number of employees
25
WebsitePerkstreet.com

PerkStreet Financial was an American-based virtual bank that offered checking and debit card accounts with cashback rewards. PerkStreet was one of the first so called Challenger Banks and was followed by players such as BankSimple (later renamed Simple) and Moven. The company was founded in Boston, Massachusetts in November 2009, and was led by former Capital One executive Dan O'Malley and Jason Henrichs.[1] With no bank branches, PerkStreet Financial had low operating costs. However, a cashback rewards program that approached 2% for some debit card accounts turned out to be unsustainable, and contributed to the company's closure in 2013.

  1. ^ Psaty, Kyle (May 20, 2010). "PerkStreet Bank Makes Checking Virtual, Brings Greater Incentives". BostInno. Retrieved August 30, 2013. [dead link]

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