“Simple told clients it will transfer their accounts to BBVA but set no timetable for the change.”
Simple was founded as the antidote to the greedy banks behind the Great Recession. BBVA bought it for $117 million in 2014, then sold its US business to PNC for $11.6 billion. The customers who picked Simple to avoid a big bank are being handed to a big bank. Fintech is often just a nicer app on top of somebody else’s charter.