BBVA BBVA Bilbao Vizcaya Argentaria SA

   By Joshua Kirby 
 

Banco Bilbao Vizcaya Argentaria SA said Tuesday that it will invest up to $150 million in fintech venture-capital fund Propel, adding to a previous investment the Spanish bank made in 2016.

An initial new fund of $50 million will be launched to support Propel within the next few weeks, with further funds to be launched next year and in 2023, open to outside investors, BBVA said. The investments will bring the bank's total commitment in Propel to more than $400 million.

Since Propel launched, it has invested in more than 40 companies and has had two billion-dollar exits, as well as supporting several companies that reached valuations of more than $500 million, BBVA said.

Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby

(END) Dow Jones Newswires

February 02, 2021 06:19 ET (11:19 GMT)

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