Spanish bank BBVA is spinning out its fintech venturing business and moving to a new strategy for backing such companies.

The bank has closed its internal venturing arm BBVA Ventures and shifted its $100 million portfolio to a new firm called Propel Venture Partners. Propel, which will have offices in San Francisco and London, is managed by Jay Reinemann, who previously managed BBVA Ventures, and Tom Whiteaker, also formerly at the bank's venture arm.