Thursday, February 20, 2014

Simple Acquired For $117M

Portland-based mobile banking software Simple has scored a big win for the local tech industry this morning, after the company announced it has been acquired by Spanish banking giant BBVA, in a deal worth $117M. Simple--led by Josh Reich--developed a mobile-focused, banking startup which catered to a new generation of mobile-enabled consumers, who are more likely to own a smartphone than have a bank account. Simple said it would help BBVCA "reinvent personal banking", and would become a seaprate business within BBVA. Simple's banking service provided a rich menu of tools to help consumers manage their finances and banking. Simple was venture backed by IA Ventures, Shasta Ventures, First Round Capital, and others--and was previously known as BankSimple.