BBVA will complete the purchase through US-based BBVA Compass Bancshares, Inc., which will help Simple develop new products and services and expand beyond the US and enter new markets. According to Francisco Gonzalez, BBVA Chairman & CEO, “Simple will reinforce our global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential”.
The transaction values Simple at $117m.
Founded in 2009 and launched commercially in July 2012, Simple provides customers with a Simple Visa® card, tied to an FDIC-insured account, iOS and Android apps, integrated savings tools, and customer service. The company has more than 100,000 customers across the United States.
Following the transaction, Simple will operate separately under the same brand and Joshua Reich, co-founder and CEO, and Shamir Karkal, co-founder and CFO, will continue to lead the 92 employee strong team at Simple.