CONFIRMED: Simple is being shut down [UPDATED]

Among the other bad news from yesterday, I got a number of pings from folks to let me know that Simple, one of the startups that helped put the Portland startup community on the map, is being shut down. There has not be an official communication in this regard, but there has been discussion online about it.

[UPDATE]

The complete letter to Simple customers (I am one) follows:

Hi Rick,

We have an update for you about your banking relationship with Simple, a subsidiary of BBVA USA.

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. You will receive additional information in the near future about the transition of your account servicing to BBVA USA.

We want to assure you that we are committed to making this transition as smooth as possible for you, and that we will provide ongoing transparent and open communication, so you know what to expect each step of the way.

Our customer services agents will not be able to address questions about this announcement at this time. We will contact you proactively as we have more details. Please only contact customer support for your regular banking needs.

Thank you for being a Simple customer, it’s been an honor to serve you.

— The Team at Simple

What does it mean for me?
You can continue to access your account and your money through the Simple app or online at simple.com and with your Simple Visa® Debit card. We will begin posting updates on the transition as we have them on simple.com.


Does this affect my stimulus payment?
No. Your stimulus, unemployment aid and any other deposits will continue to be deposited in your account as they are received. If you have not received your IRS payment please use the IRS Get My Payment tool for status.

[/UPDATE]

Cofounder and former CEO, Josh Reich, shared a link to a Reddit post on Simple and offered the following on Twitter:

Simple had been acquired by BBVA in 2014. BBVA had recently sold its US presence to PNC. So it’s likely that has something to do with all of this.

I’m sharing this news primarily because there are going to be a bunch of talented folks in the Portland startup community looking for work. And I’m hopeful that other companies in town — or folks hiring remotely — can snap them up soon.

And, of course, if you know someone who currently works for Simple, I’d encourage you to reach out to them.

Obviously, this is a developing story. And I’m not a journalist. So I’ll share more news from actual journalists as it becomes available.

[UPDATE]

[/UPDATE]

[Full disclosure: Simple is a PIE alum. I am the cofounder and general manager of PIE.]


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