BBVA to Invest Additional Funds of Up to $150 Million in Fintech VC
February 02 2021 - 6:34AM
Dow Jones News
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)
Copyright (c) 2021 Dow Jones & Company, Inc.
BBVA Bilbao Vizcaya Arge... (NYSE:BBVA)
Historical Stock Chart
From Aug 2024 to Sep 2024
BBVA Bilbao Vizcaya Arge... (NYSE:BBVA)
Historical Stock Chart
From Sep 2023 to Sep 2024