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January 8, 2021 01:40 am

BBVA Says That It Is Shutting Down Banking App Simple, Will Transfer Users To BBVA USA

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 accounts to BBVA's USA business in the process. TechCrunch reports: 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. The latter bank announced in November last year that it would acquire the U.S. business of BBVA for $11.6 billion. 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. "BBVA USA has made the strategic decision to close Simple," the note reads. "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, 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. Users will receive more details in the future about the transition to BBVA, the note continued. It is unclear how many users Simple has currently. 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.

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