Joining BBVA Ventures in 2013, David Mort was not only attracted to corporate venturing because of the ability to influence the evolution of a 158-year-old Spain-based bank, but as a fallout from 2008.
Mort said: “In the aftermath of the global financial crisis, most banks have been focused on de-risking and reducing their involvement in complex products, and I was particularly interested in the progressive steps BBVA was taking to reinvent the company with a focus on technology and innovation.”
Since then, Mort has undoubtedly become an integral part of generating that innovation. In two years, Mort has worked on Bitcoin firm Coinbase’s $75m series C, peer-to-peer lender Prosper’s $165m series D, 2014’s deal with DocuSign in a $115m series E, finance firm Taulia’s second tranche of a series D worth $13m out of a total $40m and digital wealth management firm Personal Capital’s $50m series D.
BBVA is currently investing in a $100m corporate venturing fund focusing on financial startups raised shortly before Mort joined in 2013. He says he has enjoyed seeing “rapid market developments in blockchain technologies, marketplace and direct lending and an increased focus on design and customer experience” during this time.
Mort was introduced to venture capital during an internship he had with venture firm Calumet: “My time at Calumet taught me that I wanted to work with entrepreneurs. Given the limited opportunities in Madison [the capital of the US state of Wisconsin], I moved to California’s Bay Area to work at Silicon Valley Bank at SVB Analytics, which provides strategic advisory, research and valuation services to the VC ecosystem. In two-and-a-half years at SVB, I was able to work with over 200 VC-backed companies and a number of other players in the VC ecosystem, including corporate venture capital programmes.”
Mort said one of the biggest problems he faces is financial services authorities. “As they operate in one of the most regulated industries, banks have their share of hurdles investing in small businesses and venture funds.
“While some of the regulations date back more than 60 years, others emerged after the 2008 financial crisis. These make it difficult for banks to tap into early-stage innovation.”
Still, the University of Wisconsin-Madison graduate considers it a privilege to work with entrepreneurs breaking new ground and is continually learning about problem solving in finance. Looking forward, Mort hopes to eventually be a partner at BBVA or at a fund of his own.