About PerkStreet Financial
PerkStreet knows a thing or two about banking.
With online only checking accounts (FDIC-insured) and the largest network of surcharge-free ATMs in the country, PerkStreet competes in the major leagues of retail banking. Their 'clicks not bricks' strategy saves about $800 per customer per year that big banks spend on physical branches.
Yet the company, a startup, was founded just 3 years ago, has taken only $15 million in venture capital and today employs just 18 people in a small but bustling office in the heart of Boston's Financial District.
"Amazing," is how CEO Dan O'Malley's former colleagues at Capital One describe PerkStreet's growth trajectory so far, "and it's accelerating fast," he adds. After years in the trenches of "take no prisoners" credit card marketing at Capital One, O'Malley had an epiphanic conversation with friend and future PerkStreet Co-Founder and COO Jason Henrichs one night over drinks.
"We realized that the banking system is fundamentally broken," O'Malley says. "Banks were hurting their customers' financial lives and that's just not right. So we left to found a different type of bank, one that actually helps its customers."
The result is PerkStreet, which aims to revolutionize the banking industry by building its business while helping customers make smarter financial decisions. Their first product is a 2% cash back debit card, with rewards from iTunes, Starbucks, Amazon.com and more. Why doesn't PerkStreet offer a credit card, like everyone else? "Because we don't want our customers to spend money they don't have," O'Malley says.
That customer-centric focus is paying dividends. "I never expected the amount of fan mail that we get," Henrichs says. "People send us notes that say, 'Thank you. You changed my life.'"
When was the last time you heard of someone thanking a financial institution?
With testimonials and new customers pouring in, PerkStreet is growing fast and looking to hire top-notch engineering and marketing talent. Who fits in well at PerkStreet? "We hire people that want to make a difference," O'Malley adds. "People who want to help customers lead a healthy financial life."
