BBVA Increases Fintech Fund to $250M
Summary
Banking group BBVA has announced an increase its fintech fund to $250m and a partnership with San Francisco, CA-based Propel Venture Partners.Under the terms of the deal, BBVA will invest its $250m in Propel’s funds as a limited partner.Led by Jay Reinemann (Managing Partner), Tom Whiteaker (Managing Partner), Ceci Alvarez (Analyst), Ryan Gilbert (Managing Partner), David Mort (Senior Associate), Propel Venture Partners will focus on early to late stage investment opportunities at the intersection of technology and finance.Areas of focus include payments, credit, insurance, wealth management, e-commerce, security and compliance.Reinemann and Whiteaker were previously managing the BBVA Ventures fund, and Gilbert has been actively involved in several global financial services startups as a founder, investor and independent board member.