Fintech Simple (a digital native bank) closes its virtual doors in the United States
Fintech Simple (a digital native bank) closes its virtual doors in the United States. It is a firm that had been acquired by BBVA in 2014. This was reported in an article in the Invertia supplement of El Español.
As explained in the publication, the decision is part of a strategic initiative. „Users don’t have to do anything. Their deposits are guaranteed and will be automatically transferred to a BBVA USA account,“ they clarified.
In the article they also detailed: „The move is part of the bank’s exit from the United States. Along those lines, current customers will become BBVA USA customers once the process of transferring funds and data is completed. And, in turn, they will be integrated into PNC, which took over the Spanish bank’s assets in November for $11.6 billion“.
„In general, customers have been waiting for a long time without perceiving any improvement in the product cycles. They initially adopted this application because of the absence of commissions, as well as its simplicity. At the time of purchase the application had more than 100,000 customers. It was one of the competitors that planted the so-called neo-banks, where they competed with Nubank, N26, Revolut or Monzo,“ they added.