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