As mentioned previously today, Portland’s Simple is being shuttered by acquirer BBVA ahead of PNC completing the acquisition of BBVA USA properties. Not only did the move adversely impact many of our fellow Portlanders and the Portland fintech community — as did the similar shuttering of Azlo today — but it also marked the end of a banking story of David and Goliath proportions. Where Goliath won.
In remembrance, I wanted to capture some of the praise and feedback that folks shared about the company which seems to have positively impacted many.
Watershed moment. The original challenger bank demonstrated the art of the possible. @simple showed us all what an elegant, transparent & intuitive consumer banking experience should look like. Changed the industry. Thank you @simple https://t.co/pxYN067LpM
— Peggy Mangot (@peggymangot) January 7, 2021
Today, @simple is shutting down, but the company lives on as a source of inspiration for many of today's fintech entrepreneurs.
— Rex Salisbury (@rexsalisbury) January 7, 2021
Congrats @i2pi @shamir_k and the team there who did something special and paved the way for so many others by showing what was possible!
1/10: One of the things I am proudest of was how @i2pi and I handled the Simple sale to BBVA. Out of the $117M sticker price, $14.6M in cash was paid out to 100 employees excluding founders.
— Shamir Karkal (@shamir_k) January 8, 2021
This is really sad. I feel like the software and vision you guys built is still important. I don't think it's done. People still need this. Sad to see this happen to the employees as well as the customers. I'll miss Simple Bank
— Devin Riegle (@deriegle) January 7, 2021
Same. using the @simple app and budgeting features changed my financial life. I used to overdraft all the time & felt so out of control. @BBVA_USA will not get to keep me as a customer. I thought simple was going to get a new underlying bank but I guess not?? https://t.co/Q6inXiv6aY
— Julie& (@himissjulie) January 7, 2021
I’m gutted to hear that @simple is closing down. It was the all-too-rare example of a bunch of really good people working to build an excellent product for all the right reasons; people who really wanted to make the world better. Even after all these years, nothing compares.
— Evan Stoner (@estoner) January 7, 2021
I’m sad to hear the news that @simple will be shutting down. Not only did I begin my career in tech there, I met many lifelong friends and shared some unforgettable memories. Big thanks to @i2pi @shamir_k for chasing your crazy idea. It was a great ride.
— Devin Poe (@dpoe23) January 7, 2021
You (@i2pi and @shamir_k ) helped people in a lot of ways, well beyond the amazing product you spawned at @simple. I am one of them. Thank you!
— Ian Cox (@IanCoxSF) January 7, 2021
Wow, this is such a news personally. @simple is the reason I met @parkparadigm / @anthemis. I wrote one of the first blog posts on Simple in Summer 2010 because it was such an inspiration – on banking as a platform actually (and met @i2pi / @shamir_k through that) https://t.co/mY9TxwTxym
— Yann Ranchere (@tek_fin) January 7, 2021
My 2¢: it's really hard when you're the first one trying to figure something out, and sometimes in startups and venture your thesis is right but your timing is wrong https://t.co/GVIKP4CmJm
— ~JON (@joncoffey) January 7, 2021
A debt of gratitude will always be owed from all those of us who have stood on the shoulders of @i2pi and @shamir_k and their colleagues https://t.co/606PSnagit
— Andrei Cherny (@AndreiCherny) January 7, 2021
Wow, @simple RIP. A neobank pioneer. Guess first-mover advantage isn’t always much of an advantage. https://t.co/ud0JjyHFjL
— felix salmon (@felixsalmon) January 7, 2021
Simple set the bar for thoughtful design in consumer banking, both brand and product. At Banno in 2011 when we were building a mobile banking app for community banks while some of them weren't sure the iPhone was going to stick around, Simple kept raising this bar.
— Josh Sadler (@joshsadler) January 7, 2021
- Category: Oregon, Portland, Startups
- Tag: azlo, bank, Banking, banksimple, josh reich, simple, Twitter
Published by Rick Turoczy
More than mildly obsessed with the Portland startup community. Founder and editor at Silicon Florist. Cofounder and general manager at PIE. Follow me on Twitter: @turoczy View all posts by Rick Turoczy