Finance Breaking news BBVA pumps further $150 million into fintech venture fund Propel last financial news
Breaking-Finance.Com - BBVA is to invest as much as $150 million in its independent fintech venture fund Propel, bringing its total commitment to over $400 million.
Breaking-Finance.Com - BBVA is to invest as much as $150 million in its independent fintech venture fund Propel, bringing its total commitment to over $400 million. The first $50 million fund will be launched in the next few weeks, followed by funds in 2022 and 2023, which will be open to outside investors.“Propel gives BBVA a privileged window into the fintech ecosystem,” says BBVA executive chairman Carlos Torres Vila. “The excellent performance of the funds is coupled with lessons and experiences BBVA and the entrepreneurs have shared, helping to accelerate our overall transformation.
. The initial fund has already seen two billion-dollar exits, several companies with valuations exceeding $500 million and the creation of 10,000 jobs.In 2020, the pandemic year, Propel’s portfolio companies raised over $1 billion in new financing.The Spanish bank says the the fund will continue to lead and co-invest at the earliest stages while opportunistically co-investing at later stages. The geographic focus will remain on the Americas with the flexibility to invest globally.
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