Country: United Statessimple
Year: 2009


  • 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.

Consumer Benefits

  • 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
  • Limitations:
    • 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

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