Simple, the online bank devoted to offering a more humane alternative to traditional banking, announced today that it’s being acquired by Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank.
The $117 million all-cash deal puts Simple in a unique role at BBVA: It will continue to operate independently, alongside BBVA’s other US operations. Simple founder and CEO Joshua Reich will remain in his role, and Simple will also keep its board of directors with independent representation.
