Next-gen banking startup Simple is acquired by the very traditional BBVA for $117m

Simple, the startup that essentially places a sexy, modern user interface over the traditional consumer banking experience, has been acquired by a much more conventional banking company – Spain’s BBVA – for $117 million in cash.

In an announcement on its website, Simple says “Working with BBVA gives us the resources, scale, and autonomy we need to accelerate our growth while staying true to our mission.” Simple will remain a separate operation from the rest of BBVA’s US businesses.

➤ The Next Chapter [Simple]