Spanish bank BBVA is to plough another $150 million into FinTech investment fund Propel Venture Partners (PVP), bringing its total funding to $400 million since 2016.

Propel has supported the likes of Coinbase, DocuSign, Hippo, Guideline and Neon.

The first new $50 million funding tranche will be launched in the next few weeks, said BBVA, followed by funds in 2022 and 2023, which will be open to additional outside investors.

“Propel gives BBVA a privileged window into the FinTech ecosystem,” said BBVA executive chairman Carlos Torres Vila. “The excellent performance of the funds is coupled with lessons and experiences BBVA and the entrepreneurs have shared, helping to accelerate our overall transformation.”

Since its inception, Propel has invested in more than 40 companies in five countries, including the US, Mexico and Brazil.

The initial fund has already shown clear signs of success, said BBVA, with two billion-dollar exits and several companies with valuations exceeding $500 million.

During the pandemic year of 2020, Propel’s portfolio companies raised over $1 billion in new financing.

Since 2016, Propel portfolio companies have created over 10,000 jobs, said BBVA.

The geographic focus will remain on the Americas with the flexibility to invest globally, it added.

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