In an article on Xconomy Boston, Erin Kutz discusses a transcript of an interview with Dan O’Malley, CEO of PerkStreet Financial, a web-based financial services company based in Boston, which he founded in 2008.
In his interview, O’Malley narrated how he changed his focus from higher income clients to more middle income clientele. He left the bank he was working for at the time, Capital One, to start up Perkstreet Financial.
PerkStreet is now a highly successful financial institution offering debit cards with the rewards benefits of a credit card. But, unlike credit card issuers, it is not associated with debt nor does it set limits. Since debit card users are spending money from an existing account and not buying on credit, they aren’t racking up debt, making them smart money-savers!