Spanish banking group BBVA has decided to shutter its mobile and online banking app Simple and migrate its users to the BBVA USA unit.
Back in 2014, BBVA acquired neobank Simple for $117m.
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The move to shut it down is in line with the bank’s efforts to streamline its business as PNC Bank agreed to buy the BBVA USA unit for $11.6bn, in November.
Simple sent a note to its users, which read: “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, 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.”
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By GlobalDataBack in 2014, Simple has 100,000 users. There is no information regarding the number of users Simple has now.
However, several users took to social media channels, such as twitter, to express their disappointment over BBVA’s latest move.
Previously, Simple was known to turn off features such as Bill Pay, or customer accounts types, without issuing a warning.
In a statement, BBVA said: “We have taken the opportunity of the pending merger with PNC to reassess our goals for BBVA USA, so that we are focused on the things that make the most sense for the company’s future whether on a standalone basis or a potentially combined basis with PNC.
“As a result, today we are accelerating some changes and stopping work on others, including the closing of Simple.
“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.
“As part of BBVA USA, Simple customers will have access to a much broader suite of products and services, alongside the bank’s award-winning mobile app, which includes BBVA Financial Tools.”
