Simple, the US digital bank that BBVA bought in 2014, will be moving all its customer accounts to BBVA Compass later this year, becoming the first user of the Spanish bank's API in the United States.
BBVA recently moved its Open API platform in the US out of beta shortly after appointing Shamir Karkal, a former co-founder and CFO of Simple, in a newly-created role as head of Open API.
BBVA is at pains to stress that the integration will not affect Simple's independence. In a statement, the group says: "Simple will continue being Simple, but will now benefit from the strengths of BBVA Compass’ platform. The integration will further consolidate the ties that bind both companies, allowing them to join forces while remaining independent."
The conversion will allow Simple to access BBVA Compass’ platform, offer real-time services and carry a broader portfolio of products, says founder Josh Reich.
“Our end game is to offer mortgages, be a full service bank,” he says. "Simple’s journey has just begun."