Spanish lender BBVA have set up a $100m venture fund to finance fintech start-ups.

The fund, BBVA Ventures, is based in Silicon Valley, California, and will work with entrepreneurs to offer the bank "insight into the financial industry’s most innovative initiatives."

Jay Reinemann, a veteran corporate venture capitalist and executive director of BBVA Ventures, said : "Building an experienced team is essential in order to establish credible relationships with venture capitalists and entrepreneurs focused on innovation."

"Investing in start-up companies committed to new business models enables BBVA to learn and anticipate the emerging challenges facing the financial services sector."

BBVA invested in the start-up accelerator 500 Startups Fund in early 2012.

500 Startups Fund has financed tech companies’ Simple, inDinero, PeerTransfer and WePay.

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BBVA has also financed SaveUp and Ribbit Capital in 2012.

Sberbank, the largest Russian bank by assets, also announced plans to set up a $100m venture fund, with a view to increase this to $700m over three years, to invest in promising fintech start-up companies.

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