Spanish banking group BBVA has announced plans to infuse $250m into a new venture fund known as Propel Venture Partners after shutting down its in-house venture fund.
The latest funds includes the original $100m used to set up the BBVA Ventures fund in 2013.
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The Spanish lender will be a limited partner in Propel, which will focus on payments, credit, insurance, wealth management, e-commerce, security and compliance.
Propel will operate from London and San Francisco, and will use the $250m fund in fintech firms across the US and Europe.
BBVA Ventures managers Jay Reinemann and Tom Whiteaker, will serve as the managing partners of the new fund, alongside Ryan Gilbert.
BBVA chief development officer and general manager of new digital business Teppo Paavola said: ”In an increasingly competitive fintech venture capital environment, we believe that our increased capital, Propel’s independence and a presence in London can enable us to invest in the best fintech start-ups and better support BBVA’s vision of using technology to change financial services for the benefit of the customer.”
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