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BBVA buys NeoBank, BBVA closes NeoBank

By DAC000 , in Fintech neobank , at January 8, 2021 Tags: ,

interesting news from BBVA who in 2014 made news by purchasing NeoBank Simple. Now they’re shutting it down. About a one minute read, an excellent retrospective Twitter feed by a founder, and two other Twitter feeds of mixed emotions.

Comment: this isn’t really surprising, as I’ve mentioned before my bank is integrating many features — e.g., real time notifications of funds transfers in or out, spending limits, balance sweeps — previously only available from NeoBanks. So the distinction between incumbents and upstarts is increasingly blurred. How soon until NeoBanks are a quaint memory? Given the speed of feature adoption and functional changes by incumbents is accelerating, I’d say real soon now.

Excellent Twitter thread by a founder of Simple

and some strong opinions