In a letter to customers, banking app Simple said that BBVA, which acquired it in 2014, is shutting the service down and will transfer accounts to BBVA USA (via TechCrunch).
Simple is Canceled
Simple was one of the first fintech companies to espouse a mobile-only banking experience for customers. It was acquired by Spanish bank BBVA in 2014, which itself was acquired by PNC in 2020 (U.S. subsidiary only). In the email to users, Simple said:
BBVA USA has made the strategic decision to close Simple. There is no immediate impact to your accounts at Simple and nothing you need to do at this time. Since your deposits are already housed at BBVA USA, they will remain in FDIC insured accounts there, up to the applicable limits.
In the future, you 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.
For its part, BBVA released a statement in response to the announcement, in part:
Simple customers already have a dual relationship with BBVA USA and Simple. We will be migrating these customers to the award-winning BBVA USA mobile app. Those same customers will become PNC customers upon the close of acquisition, which is subject to customary closing conditions.