Banking Startup Simple Acquired for $117M, Will Continue to Operate Separately
<i>A source close to Simple tells The Verge that the company, which had raised $15.3 million, had been shopping itself around in search of a buyer since business wasn't progressing as quickly as it hoped. "They had kind of run out of steam," said the source...</i><p>Source: <a href="http://www.theverge.com/2014/2/20/5429916/bbva-acquires-simple-117-million-cash" rel="nofollow">http://www.theverge.com/2014/2/20/5429916/bbva-acquires-simp...</a><p>Simply (no pun intended) building a layer on top of the existing banking infrastructure isn't really that innovative. The big potential in this space is building a new banking platform from scratch, instead of relying on existing/legacy technology. Unfortunately, the investment required is higher than VCs seem willing to risk.