Yep, BankSimple doesn't have to apply for a regular banking license because they don't hold the actual deposits. (See SmartyPig for an example of a startup in the market that uses the same 'we don't hold the deposits' strategy.)
Piggybacking off of someone else's banking license isn't trivial, but it beats the delays and capital requirements associated with starting a bank.
Of course, they still have to deal with all the internal industry regulations in order to offer things like ATM cards that work across ATM networks. Those aren't regulatory requirements, but when you're dealing with VISA-size entities they might as well be.
Piggybacking off of someone else's banking license isn't trivial, but it beats the delays and capital requirements associated with starting a bank.
Of course, they still have to deal with all the internal industry regulations in order to offer things like ATM cards that work across ATM networks. Those aren't regulatory requirements, but when you're dealing with VISA-size entities they might as well be.