Simple craft the end-to-end experience from customer acquisition, to web and mobile apps and superior customer service for FDIC insured partners who hold the money and provide the product. Target customer is net-savvy student and young professionals.
Launched in July 2012 with over 10,000 customers and their systems are already processing an annualised $132m of transactions. By focusing on the “presentation layer” and the user outsourcing the core, commoditized (and capital and regulation intensive) bank processing and deposit holding functions, they can focus on the key differentiators and maintain an efficient capital structure.
Simple was acquired by BBVA for $117m in February 2014.