--- title: 'Not so Simple: Taking on established banking was no small feat' date: '2021-01-07T15:52:49-08:00' type: post word_count: 974 char_count: 6800 tokens: 1267 categories: - Oregon - Portland - Startups tags: - azlo - bank - Banking - banksimple - 'josh reich' - simple - Twitter --- # Not so Simple: Taking on established banking was no small feat As mentioned previously today, [Portland’s Simple is being shuttered by acquirer BBVA](https://siliconflorist.com/2021/01/07/rumored-simple-is-being-shut-down/) 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](https://siliconflorist.com/2021/01/07/apparently-its-not-just-simple-azlo-another-portland-fintech-player-is-getting-shut-down-too/) — 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](https://twitter.com/simple?ref_src=twsrc%5Etfw) showed us all what an elegant, transparent & intuitive consumer banking experience should look like. Changed the industry. Thank you [@simple](https://twitter.com/simple?ref_src=twsrc%5Etfw) > > — Peggy Mangot (@peggymangot) [January 7, 2021](https://twitter.com/peggymangot/status/1347258780027736065?ref_src=twsrc%5Etfw) > Today, [@simple](https://twitter.com/simple?ref_src=twsrc%5Etfw) is shutting down, but the company lives on as a source of inspiration for many of today's fintech entrepreneurs. > > Congrats [@i2pi](https://twitter.com/i2pi?ref_src=twsrc%5Etfw) [@shamir\_k](https://twitter.com/shamir_k?ref_src=twsrc%5Etfw) and the team there who did something special and paved the way for so many others by showing what was possible! > > — Rex Salisbury (@rexsalisbury) [January 7, 2021](https://twitter.com/rexsalisbury/status/1347255536463462401?ref_src=twsrc%5Etfw) > 1/10: One of the things I am proudest of was how [@i2pi](https://twitter.com/i2pi?ref_src=twsrc%5Etfw) 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](https://twitter.com/shamir_k/status/1347597131725459457?ref_src=twsrc%5Etfw) > 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](https://twitter.com/deriegle/status/1347276502988173314?ref_src=twsrc%5Etfw) > Same. using the [@simple](https://twitter.com/simple?ref_src=twsrc%5Etfw) 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?? > > — Julie& (@himissjulie) [January 7, 2021](https://twitter.com/himissjulie/status/1347248797190037504?ref_src=twsrc%5Etfw) > I’m gutted to hear that [@simple](https://twitter.com/simple?ref_src=twsrc%5Etfw) 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](https://twitter.com/estoner/status/1347286977205309440?ref_src=twsrc%5Etfw) > I’m sad to hear the news that [@simple](https://twitter.com/simple?ref_src=twsrc%5Etfw) 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](https://twitter.com/i2pi?ref_src=twsrc%5Etfw) [@shamir\_k](https://twitter.com/shamir_k?ref_src=twsrc%5Etfw) for chasing your crazy idea. It was a great ride. > > — Devin Poe (@dpoe23) [January 7, 2021](https://twitter.com/dpoe23/status/1347276931884961792?ref_src=twsrc%5Etfw) > You ([@i2pi](https://twitter.com/i2pi?ref_src=twsrc%5Etfw) and [@shamir\_k](https://twitter.com/shamir_k?ref_src=twsrc%5Etfw) ) helped people in a lot of ways, well beyond the amazing product you spawned at [@simple](https://twitter.com/simple?ref_src=twsrc%5Etfw). I am one of them. Thank you! > > — Ian Cox (@IanCoxSF) [January 7, 2021](https://twitter.com/IanCoxSF/status/1347268315589140480?ref_src=twsrc%5Etfw) > Wow, this is such a news personally. [@simple](https://twitter.com/simple?ref_src=twsrc%5Etfw) is the reason I met [@parkparadigm](https://twitter.com/parkparadigm?ref_src=twsrc%5Etfw) / [@anthemis](https://twitter.com/anthemis?ref_src=twsrc%5Etfw). 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](https://twitter.com/i2pi?ref_src=twsrc%5Etfw) / [@shamir\_k](https://twitter.com/shamir_k?ref_src=twsrc%5Etfw) through that) > > — Yann Ranchere (@tek\_fin) [January 7, 2021](https://twitter.com/tek_fin/status/1347259601796931590?ref_src=twsrc%5Etfw) > 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 > > — ~JON (@joncoffey) [January 7, 2021](https://twitter.com/joncoffey/status/1347269197521448963?ref_src=twsrc%5Etfw) > A debt of gratitude will always be owed from all those of us who have stood on the shoulders of [@i2pi](https://twitter.com/i2pi?ref_src=twsrc%5Etfw) and [@shamir\_k](https://twitter.com/shamir_k?ref_src=twsrc%5Etfw) and their colleagues > > — Andrei Cherny (@AndreiCherny) [January 7, 2021](https://twitter.com/AndreiCherny/status/1347259198048911360?ref_src=twsrc%5Etfw) > Wow, [@simple](https://twitter.com/simple?ref_src=twsrc%5Etfw) RIP. A neobank pioneer. Guess first-mover advantage isn’t always much of an advantage. > > — felix salmon (@felixsalmon) [January 7, 2021](https://twitter.com/felixsalmon/status/1347255960528687105?ref_src=twsrc%5Etfw) > 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](https://twitter.com/joshsadler/status/1347268317078286344?ref_src=twsrc%5Etfw)