BBVA Launches $100M Silicon Valley Venture Capital Initiative
Spanish bank BBVA has just launched a $100m venture capital initiative.
Based in Silicon Valley, BBVA Ventures will focus on investing in startups looking to transform the financial services industry. Led by executive director Jay Reinemann, the venture is already establishing ties with startup firms, incubators and venture capital funds in order to identify opportunities and offer insight into the financial industry’s most innovative initiatives in strategic areas including mobility, customer loyalty, e-commerce, payments and data analytics.
BBVA completed its first investment in Silicon Valley in early 2012 with an investment in the seed-capital fund and incubator Dave McClure’s 500 Startups Fund, while recently completed investments in SaveUp, a startup that partners with financial institutions to apply gaming techniques to encourage savings, debt reduction and financial education, and Ribbit Capital, a just launched venture capital firm (read here) led by serial entrepreneur Meyer Malka.