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Simple Will Start Granting Venmo Users Early Access To Its Mobile Banking App

Mobile payments aficionados rejoice: Venmo and Simple are partnering to give Venmo users early access to Simple's mobile banking service.

Venmo, the popular payments app that lets friends pay each other via mobile for free, is offering its users early access to Simple, the mobile banking app that offers the same amenities big banks do, like checking accounts and debit cards, but without the traps of hidden fees and high interest rates.

Simple and Venmo previously partnered in July, when Simple became the first banking service to offer its customers Venmo Touch, which allows you to make payments in third-party apps with a single tap.

Although Simple has been on the market for more than a year, it is still accepting new accounts by invitation only. Venmo users taking advantage of the promotion will be directed to the front of Simple's 250,000-person waiting list.