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BankMobile
Description
BankMobile is a mobile application that offers a branchless banking experience without fees. BankMobile was formed to address the fact that there is a large and growing gap between low- and middle-income Americans and low-cost financial services.
Overview
| Type: | Private |
| Foundation year: | 2015 |
| Location: | Greater New York Area, East Coast, Northeastern US |
| Number of employees: | 501-1000 |
| Founders: | Jay Sidhu, Luvleen Sidhu |
| Website: | https://www.bankmobile.com/ |
Target geographic market:
North America
About Product/Service
| Products | BankMobile Vibe, BankMobile VibeUp, BankMobile Credit, BankMobile Personal Loans, BankMobile Student Refi Loans |
|---|---|
| Core product offerings for individual/retail customers | BankMobile Vibe |
| Regulators/Compliance | As a division of Customers Bank, BankMobile provides a digital bank, complete with FDIC insurance and governed by federal banking regulations. |
| The Base Currency | $ (USD) |
| Product cost | Free |
|---|---|
| ATM withdrawals | 55,000 fee-free Allpoint® ATMs |
| (a) a personal account | Yes |
Funding rounds
| Last Funding Date | N/A |
|---|---|
| Last Funding Amount | N/A |
| Last Funding Type | N/A |
| Total Funding Amount | N/A |
| Number of Funding Rounds | N/A |
Financials
| Customer/Products segments | Banking, Lending, Savings, Personal Finance, Money Management |
|---|---|
| Banking license | The BankMobile Debit Mastercard® card is issued by Customers Bank pursuant to license from Mastercard International Incorporated |
| Type of customers | Individuals |
| Number of investors | N/A |
| Number of lead investors | N/A |
| M&A | BankMobile was acquired by Flagship Community Bank for $175M on Mar 9, 2017 |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x Coconut Coconut is the current account that takes care of... | 2016 | Private | Challenger banks, fintech |
x ClearBank ClearBank is the UK’s first new clearing bank in... | 2014 | Private | Challenger banks, fintech |
x OakNorth OakNorth is a credit science platform that... | 2015 | Private | fintech, challenger banks |
x Gemalto Gemalto is an international digital security... | 2006 | Private | Gemalto |
x Countingup The one that does your books. Countingup is the... | 2017 | Private | Challenger banks, fintech |
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