BBVA acquires Simple for $117 million

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Banco Bilbao Vizcaya Argentaria (BBVA) is a 150-year-old financial services company that has acquired Simple for $117 million. Simple is a banking startup company. BBVA is one of the top 15 banks in the U.S. and a leading player in the Spanish market. Simple will continue to operate as normal and nothing will change for customers.

Founded in Portland, Simple was founded on the idea that banks do not provide useful online and mobile tools to properly service customers. Simple is an intermediary between users and FDIC-insured institutions for providing users with access to data around financial history, expenditure tracking, and savings goals. 

Simple was co-founded by Shamir Karkal and Josh Reich in 2009. Simple has over 100,000 customers with 330% growth recorded in 2013 and a total transaction value of over $1.7 billion. Simple raised $15.3 million in funding from investors like SV Angel, Anthemis Group, Neu Venture Capital, Village Ventures, First Round Capital, Lerer Ventures, 500 Startups, Shasta Ventures, IA Ventures

[Source: TechCrunch]

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