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May 30, 2023
Finance Technologies

BBVA shutters Simple after paying $117m for it in 2014

BBVA’s direct banking service subsidiary, Simple, is shutting its doors to customers six years after getting bought by the Spanish bank’s US division. In early 2014, BBVA paid $117 million for Simple. At the time, BBVA said Simple had 100,000 customers. But reports back then suggested a lower number of around 33,000 active customers. “BBVA USA has made the strategic decision to close Simple,” the bank said in an email to customers last week. The bank is cutting out standalone entities which no longer make sense to operate solo Deposits already sit under BBVA’s US arm, which means customers’ money…
BBVA shutters Simple after paying 7m for it in 2014

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