Blog: Company
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February 20, 2014
by Joshua Reich

The Next Chapter

The next chapter

Four and a half years ago I sent an email to my future co-founder Shamir with the subject “Let’s start a retail bank.” Over the following weeks, Simple was born.

We started with a clear vision: you deserve to be in control of your finances. You deserve modern tools to help you spend smarter and save more. You deserve real service from real people.

With this purpose, Simple now serves more than 100,000 customers. In 2013, we saw 330% growth and more than $1.7 billion in transactions. We’ve built a growing team of 92 talented folks and have helped tens of thousands achieve their financial goals. Today, I’m thrilled to announce our next step in reinventing personal banking — Simple is joining the global BBVA family of businesses.

BBVA believes in our vision and the course we have set to transform the industry. This means that the things you love about Simple will remain unchanged. We will continue to embrace our philosophy, our business model and the way we treat customers. Working with BBVA gives us the resources, scale, and autonomy we need to accelerate our growth while staying true to our mission.

To achieve this, we will function as a separate business within the BBVA structure, operating in parallel with BBVA’s existing US banking operations. Furthermore, I’m remaining in my role as CEO and will be joined by the same team that built Simple over the past four years. The biggest change is that now we will have the support of a global banking group with $820 billion in assets that shares our passion for innovative technology and customer experience. We’ll have significant resources to grow and continue the pace of innovation that our customers deserve. This means we are accelerating our hiring — if you want to reinvent an industry alongside an incredible group of people, come join us.

For the time being, customer accounts will remain at The Bancorp Bank, our current banking partner. Bancorp has been a fantastic partner providing us with a platform to grow from two guys working out of a basement into the thriving business we are today. We are grateful to the entire Bancorp team for their support over the years and we are excited to work with them through this next chapter.

By joining forces with BBVA, we will be able to jointly gain complete end-to-end ownership of the customer experience, from our mobile apps all the way through the core banking stack. This will give us a phenomenal degree of flexibility and control that will enable entirely new innovations.

We are entering an incredibly exciting time at Simple where we have the long-term resources and support to continue building a new global brand in banking. I am thrilled to begin this journey with our new partner!