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Spanish Bank BBVA is doubling down on investing in the fintech sector with an increase of investable funds and a partnership with a venture capital firm. Having launched the BBVA Ventures fund in 2013 with $100 million to invest in digital fintech startups, the bank has decided to add another $150 million in funds. However, rather than operate investments through BBVA ventures, the bank is partnering with Propel Venture Partners.
Based in San Francisco, Propel Ventures is tasked with managing the original $100 million from BBVA Ventures along with its portfolio that includes stakes in Prosper, Taulia and Personal Capital. ... (read more)