Propel Venture Partners closes $100m fund

Co-led by Jay Reinemann and David Mort, who bring investing and operating experience from BBVA, Silicon Valley Bank and Visa, Propel has raised over $436 million since launching in 2016.

It was created after Spanish bank BBVA decided to close its in-house venture fund and instead back independent outfit Propel as a limited partner.

The firm has backed 62 companies across banking and wealth platforms, crypto infrastructure and brokerages, and enterprise SaaS, including Coinbase, Docusign and Neon.

“The disequilibrium between financial services incumbents’ technology needs and their ability to quickly innovate creates ample opportunities for startups, no matter the economic climate,” says Reinemann.

“Propel helps execution-focused founders build enduring businesses that rethink how financial value is created, moved and secured. Our portfolio companies consider us true partners and confidants, and we’re committed to helping them shoulder the burden when challenges inevitably arise.”