One of the first mobile banks is closing. After an e-mail notice started circulating on Twitter earlier in the day, a BBVA spokesman confirmed to Engadget that 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 optimize its business before the merger with financial services company PNC.
“BBVA USA continuously evaluates strategic priorities and resources, including existing and potential partnerships with outside organizations,” said the spokesman. “As a result, today we are accelerating some changes and interrupting others, including the closure of Simple. These reviews are part of our normal processes and have resulted in other ventures being closed in the past year or more based on performance and the economic environment, including Covault (2020) and Denizen (2019). ”