BBVA has announced that it is acquiring Simple - saying that the acquisition is part of "BBVA's strategy to lead the technology-driven change that is transforming the financial services industry."
Simple's customer experience is unmatched in the digital banking world," said BBVA Chairman & CEO Francisco Gonzalez. "Simple will reinforce our global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential."
Simple, based in Portland, Oregon, was founded in 2009 and its commercial launch took place in July 2012. It now has more than 100,000 customers across the United States.
Simple will continue to operate separately under the same brand, with the same philosophy and approach to customer experience. Joshua Reich, co-founder and CEO, and Shamir Karkal, co-founder and CFO, will continue to lead the 92 employees who work at Simple.
BBVA will complete the purchase through US-based BBVA Compass Bancshares, Inc., which will in time help Simple develop new products and services. With the support of the BBVA Group, Simple will be able to expand beyond the US and enter new markets.
BBVA, through its corporate venture arm BBVA Ventures, is actively investing in disruptive initiatives in financial services. Some of its current investments include SumUp, the Berlin-headquartered startup enabling mobile point of sale payments; Radius, a US-based company providing business insight into millions of small- and mid-size businesses; Freemonee, which analyzes its customers' transactional data to create relevant offers from retailers; Ribbit Capital, a financial technology-focused venture capital fund; and the seed-capital fund and accelerator program 500 Startups. BBVA Ventures operates through BBVA's representative office in San Francisco.