BBVA agreed on Thursday to buy disruptor Simple for $117 million in a bid to improve the Spanish bank's digital properties. Simple, which was founded in Brooklyn as BankSimple in 2009, provides PC-based and mobile banking in cooperation with The Bancorp Bank. Its goal from the beginning was to work with many banks, providing a streamlined digital front-end for online banking. In the absence of other bank partners, Simple focused much of its business on its Bancorp Bank relationship.
"We are excited. We are very serious about the digital transformation and helping our customers and we believe Simple can help us on our path," says Jay Reinemann (pictured), executive director of BBVA Ventures. "The bank has been on a path to digital transformation for many years."