Under the terms of the deal, BBVA will invest its $250m in Propel’s funds as a limited partner. The firm will use the funds – which include the original $100m which established the BBVA Ventures fund in 2013 – in a US and a European fund.
It will also open an office in London where its European fund will invest in the UK’s fintech ecosystem and in European opportunities.
Led by Jay Reinemann (Managing Partner), Tom Whiteaker (Managing Partner), Ceci Alvarez (Analyst), Ryan Gilbert (Managing Partner), David Mort (Senior Associate), Propel Venture Partners will focus on early to late stage investment opportunities at the intersection of technology and finance.
Areas of focus include payments, credit, insurance, wealth management, e-commerce, security and compliance.
The firm will also manage BBVA Ventures’ investments, which include digital lender Prosper, wealth management advisor Personal Capital and Taulia, an online cashflow management tool for corporate purchasers and suppliers.
Reinemann and Whiteaker were previously managing the BBVA Ventures fund, and Gilbert has been actively involved in several global financial services startups as a founder, investor and independent board member.
Propel is currently recruiting for its London office.