Simple joins BBVA to transform banking industry A common vision drives innovation to help consumers spend smarter and save more
PORTLAND, Ore., Feb. 20, 2014 /PRNewswire/ -- Simple, the Portland, Oregon company that's reinventing personal banking with a new standard for customer experience and its people-first approach, today announced that it is joining the global BBVA family of businesses. Simple offers its customers everything they need to spend smarter and save more. Customers receive the Simple Visa® card, powerful web, iOS, and Android apps, integrated savings tools, and real customer service.
"Joining with BBVA gives Simple the resources, autonomy, and global footprint we need to see our vision writ large," said Joshua Reich, CEO of Simple. "This means that the things our customers love about Simple will remain unchanged. We will continue to embrace our philosophy, our business model, and the way we treat customers. BBVA believes in our vision and the course we have set to transform the industry."
Simple has experienced rapid growth since its commercial launch in July 2012. The company, which now has more than 100,000 customers and a growing team of 92 professionals, saw $1.7 billion in transactions in 2013 alone, grew its customer base 330%, and helped tens of thousands of customers achieve their financial goals.
Simple will continue as an independent business operating in parallel with BBVA's US banking operations, BBVA Compass Bancshares, Inc. Reich will remain CEO of Simple, and be joined by the same team, with the same philosophy and approach to customer experience that built Simple over the past four years. As part of today's news, customers' Simple account information, banking services, and credentials – everything – will remain the same.
"Simple's customer experience is unmatched in the digital banking world," said BBVA Chairman & CEO Francisco Gonzalez. "Simple will reinforce our global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential."
BBVA shares the Simple team's passion for innovative technology and customer experience. With $820 billion in assets, BBVA will in time help Simple develop new products and services while enabling the company's expansion beyond the US and into new markets.
"By joining forces with BBVA, we will gain complete end-to-end ownership of the customer experience, from our mobile apps all the way through the core banking stack," said Reich. "This will give us a tremendous degree of flexibility and control that will enable an entirely new class of innovation."
Founded in 2009 and based in Portland, Oregon, Simple combines innovative technology, impeccable user experience, and expertise in behavioral economics to help its customers spend smarter and save more. Simple customers receive a Simple Visa® card that's tied to an FDIC-insured account with no surprise fees, and powerful budgeting and savings tools built right into the account. Simple's banking services are accessible via intuitive web, iPhone, and Android apps. The company has more than 100,000 customers, processed $1.7 billion in annual transactions last year, and experienced 330% customer growth.
MergerTech acted as an advisor to Simple in this transaction.
BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico, and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.
BBVA Corporate Communications
Phone: +34 91 537 53 48