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A comment on Simple bank shutdown goes awry, leaving customers without account access. Parent comment

Re:Simple bank shutdown goes awry, leaving customers without... by tadfisher on Monday May 10, 2021 @02:04AM (#27103162)
We could have been viable. We were also the first movers, and had a uniquely bad scenario that required an immediate sale. Younger competitors are in the news for their $1b+ valuations (Chime).
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Re:Simple bank shutdown goes awry, leaving customers without... by relyks on Monday May 10, 2021 @06:08AM (#27104391)
Simple was way better than Chime, Varo, or any of the other newer "millennial" banks. It's a shame it didn't work out :(
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Re:Simple bank shutdown goes awry, leaving customers without... by sayhar on Monday May 10, 2021 @11:06AM (#27106727)
What was the scenario?
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Re:Simple bank shutdown goes awry, leaving customers without... by tadfisher on Monday May 10, 2021 @03:49PM (#27110107)
We had courted an investor and our runway ran right up until the expected cash from said investor. At the last second, the investor pulled out of the deal. The cofounders and key team members mortgaged their homes to make payroll while we searched for a buyer to keep the company going. That buyer ended up being BBVA, and the rest is history.
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Re:Simple bank shutdown goes awry, leaving customers without... by tptacek on Monday May 10, 2021 @04:28PM (#27110522)
Right, so: BBVA didn't so much target Simple for "consolidation" so much as rescue the employees of Simple.
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