Simple
FintechUSAClosed 2021
Total Raised
$32M
Peak Valuation
$117M
Employees
—
Year Collapsed
2021
Business model
Mobile-first banking app with budgeting tools, operating via a partner bank.
In brief
One of the earliest "neobank" apps in the US, acquired by Spanish bank BBVA in 2014. After BBVA sold its US retail banking business to PNC in 2021, Simple's app and accounts were shut down entirely rather than transferred, ending a 12-year run.
See the What Happened tab for the full account.
Key facts
- Founded
- 2009
- Closed
- 2021
- Headquarters
- Portland, USA
- Industry
- Fintech
- Employees
- —
- Revenue
- Undisclosed
- Founders
- Joshua Reich, Shamir Karkal
Related failures
Tally
2015–2024Fintech · USA
Ran out of funding$172MLendUp
2012–2022Fintech · USA
Legal / regulatory$115MSynapse Financial Technologies
2014–2024Fintech · USA
Ran out of funding$50MCushion
2016–2024Fintech · USA
Ran out of funding$21.6MDaylight
2020–2023Fintech · USA
Ran out of funding$20MAlza
2021–2025Fintech · USA
Ran out of funding$6.6M
Often compared with: Chime, Ally Bank.