Banking services provider Simple was purchased by BBVA, the second largest bank in Spain, for $117 million a few months ago, but new reports indicate that its growth and user base may be much lower than anticipated. Quartz received the document, apparently meant for an internal presentation, late last week as the result of an apparently misdirected email sent by a Simple executive.
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Simple, The Startup That's Supposed To Revolutionize Banking, Only Has 33,000 Active Users
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Simple CEO Josh Reich responded publicly in this blog post titled "How We Measure," explaining that Simple sets a higher standard for active customers than most of the industry and that the company is satisfied with its rate of expansion.
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