One of the very first mobile first banks is closing. After an email notification started spreading on Twitter earlier in the day, a BBVA spokesman confirmed to Engadget the company plans to close 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.
“BBVA USA is constantly evaluating strategic priorities and resources, including existing and potential partnerships with outside organizations,” the spokesman said. “As a result, we are accelerating change today and stopping our work on others, including the closure of Simple. These reviews are part of our normal processes and have led to other businesses being closed over the past year or so based on performance and the economic environment, including Covault (2020) and Denizen (2019). ”