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.

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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