Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) has reached an agreement to purchase US digital banking start-up Simple, in a $117m cash transaction.
BBVA will close the acquisition through US-based BBVA Compass Bancshares, which will ultimately enable Simple to expand beyond the US market.
BBVA said that the takeover is part of its strategy to guide the technology-driven change that is transforming the financial services industry.
Commenting on the acquisition, BBVA Chairman & CEO, Francisco González, said that Simple’s customer experience is unmatched in the digital banking world.
"Simple will reinforce our global digital transformation while BBVA will provide the means to help Simple maximise its outstanding growth potential," González added.
Established in 2009, Simple serves more than 100,000 customers across the US and offers its customers a Simple Visa card, iOS and Android apps, integrated savings tools, and real customer service, enabling them to spend smarter and save more.