Earlier this year, Spanish bank BBVA shut down its in-house venture arm, BBVA Ventures, and placed the portfolio, the cash remaining from the original $100 million allocation, and an additional $150 million into a new venture called Propel Venture Partners, in which BBVA is a limited partner. Jay Reinemann, Tom Whiteaker, and Ryan Gilbert are Propel’s managing partners. Jay and Tom were managers of BBVA Ventures. Ryan is a long-time financial services entrepreneur and investor, well-known in the FinTech community. Based …
Tag: BBVA
In Banking, Startups, Venture CapitalTags BBVA, CircleLending, NeoBanks, Simple, startups, venture capitalPublish Date
Last week, BBVA announced that it is buying Simple for $117 million. It’s easy to think of reasons why this acquisition appeals to BBVA. It’s not for assets and deposits. Yes, the 100,000 tech-savvy early adopters …