Simple laid off 33 people — 10% of its staff — last week, and reaffirmed its commitment to being a technology company rather than a bank.

“We have been focused on growth instead of innovation,” wrote CEO Josh Reich in a blogpost. “We have been acting like a bank instead of a technology company. And that changes today.”

It isn’t a bank, of course, though it’s been owned by one, BBVA, since 2014, and its accounts are now backed up by that bank’s U.S. affiliate, BBVA Compass. (Achieving this was a somewhat drawn-out and messy process.) Simple was founded in 2009 and was acquired for $117 million. Simple was born out of the idea that banks could do better, and built a reputation for particularly attentive customer service. It began the category of mobile-first banks, though it was preceded by branchless direct banks such as USAA and First Direct.

Read more at Simple and Geekwire.