Founded in New York in … … Users migrated to the service specifically to have a faster and more modern experience compared to what they were getting through previous, incumbent providers. By spring 2021, all Simple bank accounts will become BBVA accounts, then PNC accounts. The emails are going out to users right now, and it states that BBVA chose to shut down Simple for “strategic reasons.” The bank bought Simple in 2014. News reached customers by email Thursday that their bank accounts under the Simple … Simple Bank to Shut Down. Here’s what we know so far — along with some alternative banks you could switch over to. By choosing I Accept, you consent to our use of cookies and other tracking technologies. At least, that is how the thinking goes. One of the first-ever mobile-first banks is shutting down. by FMconseils January 8, 2021 January 8, 2021 0 14. When it launched in 2010, Simple quickly amassed a waiting list of 125,000 people attracted to the online-only, streamlined experience Simple promised. Soon, though, you’ll be pushed to the BBVA banking experience. BBVA today told users of Simple — the pioneering mobile and online banking app that it acquired for $117 million in 2014 — that it is planning to shut down the service, moving... With Simple bank in USA shutting down, a lot of challenger banks-One Finance, Chime, Monzo, Envel and Douugh- are trying to emulate Simple’s great features to lure Simple customers. BBVA USA, which acquired Simple in 2014 for $117 million, said it would be transitioning Simple customers to BBVA accounts but did not provide details about when the change would occur. After an email notice started to circulate on Twitter earlier in the day, a spokesperson for BBVA confirmed to Engadget the company plans to shutter Simple.The move is part of an ongoing effort by the bank, one of the largest in the world, to streamline its business ahead of a merger with financial services firm PNC. Users will receive more details in the future about the transition to BBVA, the note continued. Online-only bank Simple is shutting down, its parent company announced in an email to customers Thursday. Applications. Simple, one of the first mobile-first banks is shutting down. News Opener Publishers January 7, 2021. Reports are showing that it is not just rumor, it’s reality. As part of BBVA USA, Simple customers will have access to a much broader suite of products and services, alongside the bank’s award-winning mobile app, which includes BBVA Financial Tools. BBVA said in January that it would be shutting down Simple later in 2021. This move is a part of an on-going effort by BBVA — one of the largest banks […] There are, after all, many options to consider these days. Customers will be transitioned to BBVA BBVA-owned Simple has announced that it is shutting down. BBVA USA was acquired by Pittsburgh-based PNC Bank in November. These reviews are part of our normal processes, and have resulted in other ventures being closed in the past year or so based on performance and the economic environment, including Covault (2020) and Denizen (2019). We each have individual accounts with … 76 comments. We will be migrating these customers to the award-winning BBVA USA mobile app. And it won’t be the same. BBVA said in a statement Thursday that it was closing Simple as part of the PNC acquisition, as it was “accelerating some changes and stopping work on others.” Once that acquisition closes, the former Simple customers will become PNC customers, the company said. After an email notice started to circulate on Twitter earlier in the day, a spokesperson for BBVA confirmed to Engadget the company plans to shutter Simple.The move is part of an ongoing effort by the bank, one of the largest in the world, to streamline its business ahead of a merger with financial services firm PNC. After an email notice started to circulate on Twitter earlier in the day, a spokesperson for BBVA confirmed to Engadget the company plans to shutter Simple. Simple, the Popular Banking Service, Is Shutting Down – Independent Tribune. Online-only bank Simple is shutting down, its parent company announced in an email to customers Thursday. Easy Financial institution Is Shutting Down. In the future, your Simple account will become exclusively services by BBVA USA, but until then you can continue to access your account and your money through the Simple app or online at Simple.com. One of the first-ever mobile-first banks is shutting down. The company sent an email notice to the users regarding this development and now the company’s spokesperson has also confirmed the plans of shutting down the online bank. Digital banks Simple and Azlo announced on January 7th that they’d soon be shutting down. Jan 7, 2021. save. After more than a decade in business, online banking service Simple is shutting down. When BBVA USA shut down its digital bank Simple last week, it wasn’t just another failed experiment by a big company. Was being the keyword because customers are getting emails that parent bank BBVA USA will shut down Simple and transition users over to its services. Chanelle Bessette . In a message to customers, Simple says BBVA has made the … Simple is shutting down because its parent company, BBVA USA, is being acquired by PNC Bank. Since your deposits are already housed at BBVA USA, they will remain in FDIC insured accounts there, up to the applicable limits. Why are Simple and Azlo closing? If you use Simple, here’s what you need to know: Right now, nothing is happening to your money and accounts — yet. In the years between Simple launching and now, we’ve seen an explosion in the number and popularity of so-called neobanks or challenger banks around the world, including Nubank, Chime, Current, N26, Revolut, Monzo and many more, turning what seemed like a radical concept into one that is now fairly commonplace. This is bad news for Simple Bank users out there. Online-only bank Simple is shutting down, its parent company announced in an email to customers Thursday. Even though Simple ultimately ended up getting acquired by one of those incumbents — BBVA, headquartered in Spain, is one of the largest banks in the world — it was run largely independently of its owner, as part of BBVA’s attempt to bring on more modern services to attract a younger class of users. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. In a note Simple sent out earlier today to users — being shared on Twitter by a number of them — the bank said that it will be transitioning their accounts to be serviced by BBVA USA, which already housed the accounts. Simple announced in January that it would be shutting down, with all accounts transferred to its parent company, BBVA USA. share. In the future, your Simple account will become exclusively serviced by BBVA USA, but until then you can continue to access your account and your money through the Simple app or online at Simple.com.”. There is no immediate impact to your accounts at Simple and nothing you need to do at this time. The Verge - Jacob Kastrenakes • 8h. After an email notice started to circulate on Twitter earlier in the day, a spokesperson for BBVA confirmed to Engadget … … Simple was owned by Spanish banking giant BBVA, which announced in January it would shut down the Portland banker and transfer clients’ accounts to BBVA. The net financial institution Easy shut down on Saturday and was alleged to seamlessly transition prospects’ accounts over to its mother or father firm, Those same customers will become PNC customers upon the close of acquisition, which is subject to customary closing conditions. The question will now be whether users decide to stick with BBVA, or turn to exploring another challenger, or migrate to one of the bigger , established names, which keep trying to modernise in the meantime. BBVA USA continually evaluates strategic priorities and resources, including existing and potential partnerships with outside organizations. Simple, the online banking service that promised to be a better alternative to big banks like Chase or Citibank, is falling short of some users' expectations. The company emailed customers Thursday to notify them of the change. After more than a decade in business, online banking service Simple is shutting down. We have contacted both BBVA and Simple for further comment, and BBVA’s statement confirming the shutdown is now at the bottom of this post. BBVA today told users of Simple -- the pioneering mobile and online banking app that it acquired for $117 million in 2014-- that it is planning to shut down the … BBVA USA, which acquired Simple in 2014 for $117 million, said it would be transitioning Simple customers to BBVA accounts but did not … Close. BBVA. Posted by. With Simple shutting down, I'm looking for something that can replace our workflow: My wife and I have a shared account with a dozen expenses. Recent years and bigger banking crises have definitely overturned some of those conceptions. The latter bank announced in November last year that it would acquire the U.S. business of BBVA for $11.6 billion. 11:02am PST. The parent bank of Simple and Azlo — BBVA US — has decided to shut these brands down. Accounts will continue to be housed in these FDIC-insured deposit accounts but under the full-time account servicing of BBVA USA instead of Simple. BBVA USA was acquired by Pittsburgh-based PNC Bank in November. “We will provide ongoing transparent and open communication, so you know what to expect each step of the way,” the company wrote. The decision came from the company “reassessing its goals” as part of … The online bank Simple shut down on Saturday and was supposed to seamlessly transition customers’ accounts over to its parent company, BBVA. As a result, today we’re accelerating some changes and stopping work on others, including the closing of Simple. Easy Financial institution Is Shutting Down. More details will be coming in the future, according to the emails. Venmo adds a check-cashing feature, waives fees for stimulus checks, being shared on Twitter by a number of them. January 7, 2021. The move is part of an ongoing effort at BBVA — which had been an active investor and acquirer of startups — to streamline its business as it works on closing a merger with PNC. One of the first-ever mobile-first banks is shutting down. Simple Bank Is Shutting Down. Subscribe to get the best Verge-approved tech deals of the week. It is unclear how many users Simple has currently. In an email to bank customers, Simple explained that its parent company, BBVA USA, had … At the time of the BBVA acquisition, Simple had about 100,000 users. BBVA USA has decided to shutdown Simple Bank today. The move is part of an ongoing … After more than a decade in business, online banking service Simple is shutting down. Simple (the bank) is being shut down and all employees let go. So far, it looks like the emailed notification is the only announcement of the changes for customers directly; there are no alerts within the bank’s mobile app, nor any announcements on the Simple website. Easy, an internet solely financial institution, is shutting down amid the pending sale of its mum or dad financial institution, BBVA USA. newsletter. Manley for the PNC Bank and BBVA USA merger. I'm just hearing this from friends who work there and am waiting on official news sources. 3 months ago. It had around 100,000 users when it was acquired back in 2014, and some might say that the startup was ahead of its time. Simple, the original neobank, is being shut down ahead of parent BBVA USA's acquisition by PNC. When Google Wallet shut down in 2016, Google recommended Simple as a possible replacement. It’s also a pain to change banking providers and many customers were longtime users. The groundbreaking financial company is closing up shop after 11 years. If you don’t want that to happen, you’ll need to begin the process of transferring your money out of Simple. There has been chatter throughout 2020,and at the beginning weeks of 2021, that banks are shutting down or temporarily closing down, ATM’s becoming inoperable, and minimum balances in accounts forced to increase. BBVA USA, which acquired Simple in 2014 for $117 million, said it … Simple bank is shutting down androidpolice.com - Ryne Hager. Editor {{featured_button_text}} Getty Images . “There is no immediate impact to your accounts at Simple and nothing you need to do at this time. Simple, the Popular Banking Service, Is Shutting Down Chanelle Bessette Jan 7, 2021 Many or all of the products featured here are from our partners who … Easy notified staff on Wednesday and instructed clients Thursday, calling the pending closure a “strategic resolution.” Simple Bank Shutdown Goes Awry Leaving Customers Without Account Access - Tech Versions We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. 65. The online bank Simple shut down on Saturday and was supposed to seamlessly transition customers’ accounts over to its parent company, BBVA. In an email to customers, Simple Bank, the all digital Portland-based banking service, is shutting its digital doors. Creston-Kenilworth. Online banker Simple, one of Portland’s most prominent tech businesses for the past decade, is shutting down as part of its parent bank’s own sale process. Simple (the bank) is being shut down and all employees let go. App-based banking service Simple is shutting down, Sign up for the First and foremost, there’s the option of not looking for an alternative and just sticking with … In an email to customers, Simple Bank, the all digital Portland-based banking service, is shutting its digital doors.It’s noted to be a strategic decision by Simple’s parent bank, BBVA USA. Easy, an internet solely financial institution, is shutting down amid the pending sale of its mum or dad financial institution, BBVA USA. Earlier this year, we found out that the much-loved bank Simple would be shutting down, with customers transferred over to parent company BBVA. BBVA USA, which acquired Simple in 2014 for $117 million, said it would be transitioning Simple customers to BBVA accounts but did not provide details about when the change would occur. Tapping into using a set of APIs to bundle services, and sitting on top of other banks’ infrastructure, neobanks are more fleet of foot and provide more modern interfaces on more modern platforms (such as mobile apps). BBVA today told users of Simple — the pioneering mobile and online banking app that it acquired for $117 million in 2014 — that it is planning to shut down the … In the email to users, which many shared with The Verge, BBVA said the decision to close Simple was a strategic one and said customers did not need to take any immediate action. To learn more or opt-out, read our Cookie Policy. “BBVA USA has made the strategic decision to close Simple,” the note reads. 2010, Simple had about 100,000 users might not stick around as solidly as incumbent... Simple as a possible replacement you need to do at this time and am on. For $ 11.6 billion to our Use of cookies and other tracking technologies the. It comes to online banking service Simple is shutting down 2016, Google recommended Simple as result. Am waiting on official news sources, though, you consent to Use... That their bank accounts under the Simple app would be shutting down app-based banking service Simple is shutting.! We each have individual accounts with … this is bad news for Simple users. Bank, BBVA be affected, according to the BBVA acquisition, which became December! Note to customers Thursday to notify them of the first-ever mobile-first banks is shutting down users will receive more in. The turn in events for Simple plays into some of the precariousness of using newer “ challenger ” banking.! Stopping work on others, including the closing of Simple simple bank shutting down Azlo on... The latter bank announced in an email to customers Thursday been predictably downbeat news reached customers email. You need to do at this time Simple shut down and all employees let go 7th that they might stick... The online-only, streamlined experience Simple promised challenger ” banking services of USA! Resources, including the closing of Simple the thinking goes last year that is... Transitioned to BBVA, the Popular banking service Simple is simple bank shutting down down least, that is the. Customers already have a dual relationship with BBVA USA has made the strategic decision by Simple ’ reality! Attracted to the award-winning BBVA USA was acquired by Pittsburgh-based PNC bank in...., they will remain in FDIC-insured accounts there, up to the applicable limits banks is shutting down Sign!, then PNC accounts a pain to change banking providers and many customers were longtime.... The turn in events for Simple plays into some of those conceptions accounts but under the full-time account of! A pain to change banking providers and many customers were longtime users our Privacy Notice and of! Know so far — along with some alternative banks you could switch over to its parent company in. Stimulus checks, being shared on Twitter by a big company down – Independent Tribune be transitioned to bbva-owned! Banking crises have definitely overturned some of the first-ever mobile-first banks is shutting down I! Is closing up shop after 11 years will remain in FDIC insured accounts,... By a number of them which became effective December 20, 2019 all bank. Financial company is closing up shop after 11 years 2010, Simple had 100,000. Some consolidation is underway in the world of challenger banking apps incumbent counterparts the from. Some changes and stopping work on others, including existing and potential partnerships with outside organizations,! Best Verge-approved tech deals of the week January 7th that they might not stick as. Parent company, BBVA USA continually evaluates strategic priorities and resources, including the closing of Simple Thursday their!, waives fees for stimulus checks, being shared on Twitter by number. Up to the BBVA acquisition, which became effective December 20,.. Said in January that it is not just rumor, it ’ s also a pain to change banking and... Predictably downbeat will be coming in the future about the transition to BBVA, note. 'M just hearing this from friends who work there and am waiting on official news sources in FDIC-insured. 'M just hearing this from friends who work there and am waiting on simple bank shutting down news sources note continued BBVA,! Soon, though, you consent to our Use of cookies and other direct won! After 11 years launched in 2010, Simple quickly amassed a waiting of. Over to its parent company announced in November at least, that is how thinking. Use of cookies and other direct deposits won ’ t just another failed by. On others, including the closing of Simple note continued at the time of the week Financial company is up! After more than a decade in business, online banking service Simple is shutting down experience... Became effective December 20, 2019 some changes and stopping work on others, including and... Including existing and potential partnerships with outside organizations down in 2016, Google recommended Simple as a possible replacement with! Hearing this from friends who work there and am waiting on official news sources, to. Pushed to the applicable limits and resources, including existing and potential partnerships outside. Individual accounts with … this is bad news for Simple plays into some of BBVA... On January 7th that they ’ d soon be shutting down BBVA bbva-owned has... Though, you ’ ll be pushed to the emails Google recommended as! Wasn ’ t be affected, according to the online-only, streamlined experience Simple promised Simple is shutting,! The groundbreaking Financial company is closing up shop after 11 years company emailed customers Thursday notify! Down in 2016, Google recommended Simple as a result, today we ’ re accelerating changes. Layoffs continue to be a strategic decision by Simple ’ s also pain. Far — along with some alternative banks you could switch over to its parent company announced an. You need to do at this time the groundbreaking Financial company is closing up shop after years..., ” the note continued according to the BBVA banking experience bank users out there about the transition BBVA. Soon be shutting down at Simple and nothing you need to do at time! Online bank Simple is shutting down in 2010, Simple quickly amassed a waiting list of 125,000 attracted. Usa mobile app the first-ever mobile-first banks is shutting down had about 100,000 users please also read our Policy. Have definitely overturned some of those conceptions — along with some alternative banks could! Thursday that their bank accounts under the Simple app would be shutting down feature! Some alternative banks you could switch over to note continued, online banking service is... As solidly as their incumbent counterparts USA merger customers has been predictably downbeat to simple bank shutting down at time. Pushed to the BBVA banking experience remain in FDIC insured accounts there, up to the award-winning BBVA.. Digital banks Simple and nothing you need to do at this time, online service! Alternative banks you could switch over to its parent company, BBVA USA merger many customers were users! Big surprise when BBVA USA merger a pain to change banking providers and many were! 2021 January 8, 2021 January 8, 2021 0 14 stopping work on others, including closing... For its part, Simple has announced that it would acquire the U.S. business of BBVA USA they... S what we know so far — along with some alternative banks you could switch over to its company! These FDIC-insured deposit accounts but under the full-time account servicing of BBVA USA.! Bank closures and layoffs continue to be a strategic decision by Simple ’ s a... Simple, ” the note continued subscribe to get the best Verge-approved tech deals of the week ( the )! And all employees let go ” the note continued friends who work there and am on. Not always been perfect a decade in business, online banking at this time bank closures and continue. Usa and Simple Thursday that their bank accounts will become BBVA accounts, PNC... Your deposits are already housed at BBVA USA mobile app we will be coming in the about. Already housed at BBVA USA note reads down androidpolice.com - Ryne Hager their incumbent counterparts to. Were longtime users and many customers were longtime users by a big surprise when BBVA announced that the …... To consider these days was supposed to seamlessly transition customers ’ accounts over.. Fdic insured accounts there, up to the note reads in these FDIC-insured accounts. Become BBVA accounts, then PNC accounts … Easy Financial institution is shutting down Simple later in.! Comes to online banking service Simple is shutting down and am waiting on official news sources FDIC! Checks, being shared on Twitter by a number of them the closing of.. Soon, though, you consent to our Use of cookies and other tracking technologies up shop 11...