Out of Cash, PerkStreet Financial to Shut Down
Summary
PerkStreet Financial, a banking startup, has run out of cash and will shut down. PerkStreet raised a total of $15 million since its 2008 launch, amid a wave of post-credit crisis startups, according to Crunchbase. The biggest benefits to the platform switch were control of the User Experience (back office immediately and we’ve begun the process of customizing the UI), tighter analytical integration, mobile+RDC and a savings account. According to The Times, The Bancorp and Provident Bank accounts will function differently now that PerkStreet is closing down: According to [PerkStreet’s] Web site, accounts held at Provident will be closed; those held at Bancorp can remain open, if customers want. They can use its banking functions, like online bill paying, but won’t earn cash-back rewards on their debit purchases.