Spain-based bank BBVA is considering establishing a base in London and expanding the size of its $100m corporate venturing fund BBVA Ventures, Financial News reported today.
The move, which would allow BBVA to boost its fintech investments, is being mulled alongside the promotion of an internal candidate to run the office, according to people familiar with the matter.
BBVA Ventures, BBVA’s corporate venturing unit, launched its $100m specialist fintech fund in 2013. It is based in Silicon Valley with an office in Madrid, but London is increasingly seen as one of the world’s fintech centres and an office in the city would theoretically grant the fund more opportunities.
The missing link in BBVA’s strategy can be seen in its portfolio. Although it has been active in fintech investment, BBVA has only funded one European company, Ireland-based payment technology developer SumUp.
The unit’s portfolio does however include online credit marketplace Prosper, e-signature company DocuSign, digital wealth management firm Personal Capital, cloud-based payment software provider Taulia and digital marketing company Radius.