BBVA acquires venture capital-backed digital bank Simple for $117m

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exitThe venture capital owners of digital banking services provider Simple to financial services group BBVA for $117m.

Simple, was founded in Oregon in 2009 and commercially launched in July 2012, will continue to operate under the same brand and retain its management team.

The company was backed by Anthemis Group, First Round Capital, Lerer Ventures, Neu Venture Capital and SV Angel.

Simple currently has 100,000 customers in the US, a fivefold increase since 2012. The company said the investment from BBVA will help it expand into new markets outside of the US.

BBVA has a venture capital arm, BBVA Ventures, which unveiled plans to invest $100m in emerging technology companies last year.

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