ING gets the first of the spoils from the fall of NetBank

ING gets the first of the spoils from the fall of NetBank

ING is the first in line to acquire deposits of the failing NetBank - the first online-only bank in the US. ING will acquire $1.4 billion worth of deposits, as well as 104,000 customers for $14 million. Not a big surprise - they will not take on any of the bad subprime mortgage loans that got NetBank into trouble in the first place.

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VaultStreet : Financial document management company gets funding

vaultstreet logo

VaultStreet, a Santa Monica startup has received a seed round of angel funding. VaultStreet is a secure one stop shop for financial document management. It also allows users to coordinate with their financial planners and accountants.

The site is expected to launch in late 2007.

financial account aggregation

We have previously written about the long, and sometimes less than glorious history of financial aggregation. These are services that allow you to add all your financial and related accounts at financial institutions - banks, brokerages, and even airline frequent flyer accounts, and view your net worth, spending habits, outstanding bills etc in one place. VaultStreet seems to have a somewhat different spin in that it allows not only the aggregation, but also adds a communication layer.

The company has made $1.8M in revenue in one year, and plans to partner with financial service providers. Yodlee, a company in this space, has partnerships with brokerages and banking institutions and also has a direct-to-consumer interface.

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