I have been so busy with my new job that I haven’t been staying up on the news. And by that I don’t mean the local “if it bleeds it leads” downer or the national “you elected him, now let’s see if he can get re-elected” rhetoric. I mean the stuff that is happening around the credit union world. In small offices, with real people. Things that matter. People helping people. You know – stuff we’re supposed to care about.
I read on CUWatercooler.com just now that Mint.com may become a bank. I’m excited for them. Competition is good and innovation is better…this PFM model should not be overlooked. But the article, at this point, is speculation. It was not confirmed by Mint.com and says that it comes on the heels of their major competitor, Wesabe.com folding. I had no idea. And it makes me sad.
I met co-founder Jason Knight several years ago at BarCampBank San Francisco. He was so passionate about the Wesabe model. And everyone there was enthralled by his vision. A few months later Jason resigned from Wesabe because of personal reasons.
Co-founder Marc Hedlund took over as CEO. The website now has a personal, real,transparent, heart felt message from Marc explaining why they are closing down.
Wesabe had the balls to try. There, I said it. And they have the decency and integrity to explain why they must close. They cared about quality and security. And yet so many businesses that we deem “too big to fail” are bailed out with taxpayer money and allowed to continue – business as usual. And that business has nothing to do with caring for the customer – it’s all driven by the bottom line.
So I lift my glass to honor the pioneers at Wesabe. You will not be forgotten. We were moved by your vision and your spirit. Know that your efforts were not in vain. They challenged us and made us better people.
Marc and Jason – we thank you.