Following the acquision, Simple will operate in the same fashion, meaning that the bank platform’s customers will be provided with the same banking services. The Portland-based company, although not a banking institution by definition, offers its customers integrated online and mobile services.
Simple operates as a middleman between users and FDIC-insured institutions in order to ensure users access to data on their financial history and tracking of expenditures and savings goals with automated purchase data collected when its customers use their Simple Visa debit card.
Simple was founded in 2009 by Shamir Karkal and Josh Reich. Up to 2013, Simple gained over 100,000 customers, meaning 330% growth, and a total transaction value of over USD 1.7 billion.
Simple representatives inform that the company keeps on operating in parallel with BBVA’s existing US banking operations. The company’s user accounts will remain at Bancorp, Simple’s current FDIC-insured partner, but they will be transferred to BBVA.
Simple’s aggregate funding is around USD 15.3 million, including investment from SV Angel, First Round Capital, Lerer Ventures, 500 Startups, Shasta Ventures, IA Ventures and more.
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