Thursday, 20 February 2014

Spanish banking group BBVA acquires Simple for $117 million in cash

Spanish banking group BBVA acquires Simple for $117 million in cash
Feb 20th 2014, 16:30, by Ellis Hamburger


Simple today announced that it has agreed to be acquired by Banco Bilbao Vizcaya Argentaria (BBVA) for $117 million in cash. Simple's team of 92 will remain in Portland, where it will be operated independently by current CEO Joshua Reich. "The things you love about Simple will remain unchanged," says Reich. "The biggest change is that now we will have the support of a global banking group with $820 billion in assets that shares our passion for innovative technology and customer experience."
Simple's Bancorp-backed accounts will remain the same for now. "By joining forces with BBVA, we will be able to jointly gain complete end-to-end ownership of the customer experience, from our mobile apps all the way through the core banking stack,"...
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