Pathak: Early neobank Simple was essentially a reseller for Bancorp Bank
Sanket Pathak · Founding Stories: Synapse · Jul 12, 2019 · at 7:24
Sanket Pathak, founder and CEO of Synapse, reflects on why early consumer neobanks like Simple faced severe product and innovation limitations due to their underlying partner bank's compliance rules.
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“Simple has a bunch of obligations that they've had to kind of outsource in a way to Bancorp Bank, which was their partner bank and based on whatever their KYC standards were and KYC policies were, that's all Simple could So in a way, Simple was just a reseller of an existing banking service that Bancorp had”
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