BBVA Ventures Launches With $100M For Financial Startups
BBVA has announced that it’s pooled $100 million for a new investment arm, BBVA Ventures, that will look to fund startups in the financial services industry, reports VentureBeat. The Spanish banking group will use BBVA Ventures to keep tabs on startups and innovation in Silicon Valley. BBVA is the largest financial institution in Mexico and has franchises in South America and the United States as well.
“Investing in startup companies committed to new business models enables BBVA to learn and anticipate the emerging challenges facing the financial services sector,” said Jay Reinemann, executive director.