$117 Million Towards Acquiring Simple Mobile Banking By BBVA.
A Spanish Banking group by the named of BBVA has recently bought a Portland based mobile banking startup that goes by the name of Simple, for over $117 million USD. This lead to some exciting news for Simple, since this will lead them to having access towards BBVA’s $820 billion assets, and the banking group, who plan to stay in the lead of the competition when it comes towards the digital banking arena.
BBVA has mentioned in there press release that the acquisition will show their commitment to further innovation in the financial industry. “Simple’s customer experience is unmatched in the digital banking world,” said BBVA Chairman & CEO Francisco González. “Simple will reinforce our global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential.”
Simple has released details on their blog to address their current customers into not worry about any unexpected changes to happen due to this recent acquisition, that would include its currently leadership By CEO Joshua Reich and CFO Shamier Karkal, both co-founders of Simple. “Joining with BBVA gives Simple the resources and global footprint we need to see our vision writ large,” said Reich. “BBVA believes in our vision and the course we have set to transform the industry.”
Simple may have been founded in 2009, but wasn’t established until 2012. Simple users would be provided with a Visa debit car and an application for Android and iOS. This lead to the digital banking services to provide all sorts of access toward 55,000 ATMs, photo check deposits, and also granting a way for users to disable their credit cards from smartphone devices. Simple was partnered with The Bancorp Bank previously.