Simple Finance

Portland, OR

Layoff Date:

January 7, 2021

Laid Off Employees:

Laid Off Percent:

Not Reported

Source: OregonLive
Online banker Simple, one of Portland's most prominent tech businesses for the past decade, is shutting down as part of its parent bank�s own sale process. Simple notified employees of the pending closure Wednesday and told customers Thursday, calling it a "strategic decision." Simple told clients it will transfer their accounts to BBVA but set no timetable for the change. In November, BBVA announced it would sell its U.S. business to PNC Financial Services Group for $11.6 billion. "We're focused on the things that make the most sense for the company�s future whether on a standalone basis or a potentially combined basis with PNC," BBVA said in a written statement Thursday. BBVA is also shutting down two other financial technology services it owns, Azlo and Open Platform. Founded in 2009, Simple moved from Brooklyn to Portland two years later amid a renaissance in Oregon technology entrepreneurship. It was instantly among the city�s most prominent tech businesses, promising a consumer-friendly, no-fee approach to online banking.
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