One of the first-ever mobile-first banks is shutting down. 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.
“BBVA USA continually evaluates strategic priorities and resources, including existing and potential partnerships with outside organizations,” the spokesperson said. “As a result, today we’re accelerating some changes and stopping work on others, including the closing of Simple. 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).”
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