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Simple (bank)
Simple (formerly BankSimple) was an American neobank based in Portland, Oregon. It was recognized as the first neobank and operated between 2009 and 2021.
The company provided FDIC-insured checking accounts to U.S. citizens, but not to permanent residents, through a partnership with U.S. Bancorp before transitioning over to BBVA USA. It was part of the Allpoint network for surcharge-free access to ATMs.
In 2014, Simple became part of Spanish bank Banco Bilbao Vizcaya Argentaria, one of the largest banks in Europe. On May 8, 2021, Simple was closed, and remaining accounts began to be transitioned to BBVA checking and savings accounts.
The company was originally founded as BankSimple in 2009 in Brooklyn, New York, by CEO Joshua Reich and CFO Shamir Karkal. The initial seed capital was provided by Jerry Neumann. In August 2011, the company raised $10 million from investors led by IA Ventures, Shasta Ventures and Dave McClure's fund 500 Startups. Later that month, the company moved its headquarters to Portland, Oregon, where five of the company's 17 employees already resided.
The company launched in 2012 as a limited beta.
By January 2013, the company had 20,000 customers and had processed more than $200 million in transactions. By July 2013, its customers had increased to 40,000 and total transaction values increased to greater than $1 billion. At the end of 2013, Simple reported processing on average around 13 debit transactions per minute with an overall customer balance of $64 million.
On February 20, 2014, Simple announced it had been acquired by Banco Bilbao Vizcaya Argentaria (BBVA). Paying through its subsidiary BBVA Compass, BBVA acquired Simple for $117 million. BBVA was also part of the initial venture funding. Simple later transitioned over to BBVA USA in 2016.
On May 14, 2018, co-founder Reich announced his plans to step down as the company's CEO.
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Simple (bank)
Simple (formerly BankSimple) was an American neobank based in Portland, Oregon. It was recognized as the first neobank and operated between 2009 and 2021.
The company provided FDIC-insured checking accounts to U.S. citizens, but not to permanent residents, through a partnership with U.S. Bancorp before transitioning over to BBVA USA. It was part of the Allpoint network for surcharge-free access to ATMs.
In 2014, Simple became part of Spanish bank Banco Bilbao Vizcaya Argentaria, one of the largest banks in Europe. On May 8, 2021, Simple was closed, and remaining accounts began to be transitioned to BBVA checking and savings accounts.
The company was originally founded as BankSimple in 2009 in Brooklyn, New York, by CEO Joshua Reich and CFO Shamir Karkal. The initial seed capital was provided by Jerry Neumann. In August 2011, the company raised $10 million from investors led by IA Ventures, Shasta Ventures and Dave McClure's fund 500 Startups. Later that month, the company moved its headquarters to Portland, Oregon, where five of the company's 17 employees already resided.
The company launched in 2012 as a limited beta.
By January 2013, the company had 20,000 customers and had processed more than $200 million in transactions. By July 2013, its customers had increased to 40,000 and total transaction values increased to greater than $1 billion. At the end of 2013, Simple reported processing on average around 13 debit transactions per minute with an overall customer balance of $64 million.
On February 20, 2014, Simple announced it had been acquired by Banco Bilbao Vizcaya Argentaria (BBVA). Paying through its subsidiary BBVA Compass, BBVA acquired Simple for $117 million. BBVA was also part of the initial venture funding. Simple later transitioned over to BBVA USA in 2016.
On May 14, 2018, co-founder Reich announced his plans to step down as the company's CEO.