Budgeting tools from Fifth Third Bancorp, Radius Bank, Simple in partnership with BBVA USA and others are seeing a big...
American Banker takes a look at some of the better know digital banks and how they are trying to build...
BBVA subsidiary Simple is launching a new product that many would say goes back in time, paper checks; “We heard...
Digital banking startup Simple has had an up and down ride the last few years; they were bought by BBVA...
Spanish bank BBVA has reported $90 million in goodwill impairment charges related to its acquisition of digital bank Simple; the acquisition has caused many analysts to question the valuation metrics for digital banks; BBVA acquired Simple in 2014 for $117 million which was $1,100 per customer; a similar digital bank sale of BankMobile is currently being priced at approximately $50 per customer; despite the impairment charges for BBVA, the bank has reported success from its acquisition with continued investment in Simple helping to increase its workforce to 350 employees. Source
The company says it is recommitting to being a technology company and refocusing on product development; the recommitment will cause less of a focus on customer growth which it has been emphasizing following its new relationship with partner bank Compass; it plans to return to its original mission of being a technology company focused on product development for its customers; the company already offers a number of innovative tech solutions including a checking account product that allows customers to itemize savings for specific goals; the new focus has resulted in the termination of five executives and a 10% reduction in staff. Source