- Founded in 2009, acquired by BBVA Bank in February 2014 for $114M. 100,000 users as of March 2014
- Simple offers a bank account with the digital tools to help manage finances, savings and money transfers through a checking account linked to a debit card. Clients manage the account through mobile and web-based channels.
- Simple has no banking licence, using a FDIC approved partner
- While Simple customers are located throughout the U.S., BBVA, could help it expand globally
- Simple earns revenue by collecting interest on customer deposits and through the collection of interchange fees.
- Focus on user experience : simple, useful, intuitive and taking into account the digital expectation
- Checks are deposited through Simple’s smartphone apps or by mail. A bill pay service prints checks and mails them to specified recipients.
- Simple use
- Simple’s online banking interface integrates Hashtag searching, memos and location based info on users’ transaction history
- Account holders are able to schedule automatic savings on a specified basis
- Concerns over security issues
- How Simple is going to integrate in the much bigger BBVA Group and whether a startup culture is compatible with major banking group
- Possible impacts of interchange fees regulations on revenue and business model
- Potential of new data protection and privacy regulations
- Questions about viability of business model