BBVA announced the opening of registration for its seventh global startup competition, BBVA Open Talent, which specializes in the financial technology sector, known as ‘fintech’. The competition will focus on innovative startups that are transforming financial services, or those that are related to e-commerce, user experience, big data, etc. BBVA will award 30.000 in prize money to each of the six winners and offer them a two-week immersion program where they will network with BBVA experts and industry professionals in London and Mexico.
“Interacting with innovation ecosystems has always been a priority for BBVA, but on this occasion we want BBVA Open Talent to focus on companies and products that can really be applied to the financial services business or those that are related to pioneering products in the development of the Group’s new digital services”, says Gustavo Vinacua, Director of Innovation Centers and Open Innovation at BBVA.
BBVA Open Talent has proven to be a catalyst for the participating startups. Last year, Socure, an online security company, raised 4.7 million dollars from a round of financing right after winning the U.S. edition of the contest. The finalist in 2013, Kantox, a foreign exchange platform, closed a 6.4 million dollar round of financing and the winner, and that year’s winner Traity, an online reputation company, raised 5 million.
Interested fintech startups can register for the global competition through July 13 on the BBVA Innovation Center website. Startups will compete in the region where they are registered, and the three regions include the U.S. and the rest of the world, Europe and Latin America. Twenty finalists from each region will be chosen to compete in the finals, where entrepreneurs will present their companies to a jury, which will select two winners from each region.
Awards
Winners each receive 30,000 euros in prize money, which can be used to test a concept or service at BBVA and immersion program, divided between Mexico and London, during which they will exchange know-how and experiences with BBVA professionals, investors and the fintech ecosystem.
“We want to build stable, long-term business relationships with these entrepreneurs and their startups, to the benefit of both parties. BBVA can share its knowledge and experience in the banking business, while they can show us a new way of doing things”, says Vinacua.
Digital Transformation
BBVA Open Talent forms part of the Group’s open innovation strategy through which BBVA collaborates with entrepreneurs, developers and the main players who are changing or influencing the financial industry. These initiatives come on top of the investments made by BBVA Ventures and the Group’s M&A activity, which have resulted in the acquisition of companies such as Simple, Madiva or Spring Studio.
Collaborating forms part of BBVA’s global strategy to lead the technological transformation of the financial service industry.
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