PayPal Prez Hops on PerkStreet’s Board

PerkStreet Financial, the consumer financial services company, has welcomed a boldface-name to its board in Scott Thompson, who serves as president of Paypal. In fact, Thompson has a habit of turning up on popular companies’ boards, he’s also with the board of directors for Zuora, which announced a new funding round early Wednesday. “Thompson will be taking an active role in the continued development and execution of PerkStreet’s strategy to use the power of next-generation banking to save Americans money,” according to a statement from the company. PerkStreet’s backers include Highland Capital and Globespan.

PRESS RELEASE:

PayPal President To Help Accelerate Industry Transformation
BOSTON, Nov. 16, 2011 /PRNewswire/ — PerkStreet Financial (http://www.perkstreet.com/), the fast growing consumer financial services company liberating Americans from an increasingly broken banking system, today announced that Scott Thompsonhas joined its Board of Directors. Thompson, President of PayPal since 2008, is one of the preeminent leaders of innovation in financial services. Thompson will be taking an active role in the continued development and execution of PerkStreet’s strategy to use the power of next-generation banking to save Americans money.
“PerkStreet is fundamentally reinventing how people engage with their money through its digital bank accounts, innovative use of technology and customer-driven online community,” said Scott Thompson, PayPal’s President. “PerkStreet is helping Americans live better financial lives and I’m thrilled to be part of the team making it happen.”
“At PerkStreet, we are giving Americans millions in cash back every year for smart financial decisions like spending on a debit card and saving money. This is highly disruptive to a banking system that has encouraged excessive spending and debt,” said Dan O’Malley, co-founder and CEO of PerkStreet Financial. “As the head of PayPal, Scott leads the largest disruptive financial services business in the world. His experience will be invaluable as PerkStreet continues its rapid growth.”
Thompson has more than 25 years of experience in the payments and financial services industries, most recently as the President of PayPal, the leading global online payment service. Before being named president, he held the role of senior vice president and chief technology officer, where he oversaw the company’s extensive infrastructure as well as all product development. Earlier, Thompson served as executive vice president of technology solutions at Inovant, a subsidiary of Visa, where he ran VisaNet, the core platform powering Visa transactions worldwide.
ABOUT PerkStreet Financial
PerkStreet Financial is proving consumers no longer need to subject themselves to a broken banking system. PerkStreet leverages technology to make branches irrelevant, reduce costs, and create a platform for savings that can deliver more than$600 per year in cash back to the average American family. PerkStreet accounts reward Americans for saving and the PerkStreet Financial Debit MasterCard provides the most unlimited cash back of any Visa or MasterCard in the world, without any of the traps of credit cards.
Founded in 2008 and backed by Highland Capital Partners and Globespan Capital Partners, PerkStreet is already giving its customers millions of dollars in cash back per year. To learn more, please visit www.perkstreet.com
Banking services are provided by The Bancorp Bank. Member FDIC. The Bancorp, Inc. is a financial holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services both directly and through private-label affinity programs nationwide. The Bancorp Bank’s regional community bank operations serve the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region. To learn more, please visit www.thebancorp.com