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Bankia Fintech by Innsomnia attracts 37 startups from four continents for its international program

10 March 2017

Category: Corporate

  • A total of 24 startups from America, 10 from Europe, 2 from Asia and 1 from Oceania have applied
  • Bankia’s accelerator is starting its selection process for candidates to join in early April

Bankia Fintech by Innsomnia has attracted 37 startups from different continents for its international program. The selection process will begin in the next few days for candidates to join Spain's first fintech incubator and accelerator which Bankia launched in November.

A significant number of fintechs from the Americas have applied to the program. Mexico leads the ranking (9), followed by Colombia (8), USA (3), Peru (2) and Brazil (2). In Europe candidates come from the United Kingdom (5), France (2), Italy (1), Ukraine (1) and Latvia (1). The rest come from Israel (2) and Australia (1).

The program has also received applications from nine companies in Spain, whose proposals will also be analysed.

All of these startups will be included in the Bankia Fintech Club by Innsomnia, a permanent communication platform for the international fintech ecosystem that will share online training and networking and facilitate exchanges between its members.

The club also includes the fintechs that applied to Bankia's national program - both the 14 successful applicants that began their incubation process in November and those that applied to the program but were not selected.

The incubation phase for the international program will begin in early April and will last for 16 months, during which time companies will receive mentoring from Innsomnia and tutoring from Bankia professionals.

The incubator-accelerator operates a collaborative system, which means that startups are not required to provide part of their capital to join the program.

However, the intention is to offer these companies the option to provide their services to the bank.

The selected startups will be based at the Bankia Fintech headquarters in the Innsomnia building in Valencia Marina, operating from one of the bases used for the America Cup in the Port of Valencia, one of the leading innovation hubs in the Mediterranean. They will share the space with the fintech startups taking part in the first national program that began in November for which the incubation phase lasts until July.

The startups in the national program will be holding a "partners day" in the coming weeks to decide on the viability of launching the projects that they have been working on over the last four months.

Spain's first fintech incubator and accelerator

Bankia Fintech by Innsomnia is the first incubator and accelerator in Spain that specialises in the banking sector of the future. Some 40% of the Spanish fintech sector applied to its first program. There are currently 215 fintechs operating in Spain and some 15,000 internationally. Although London is the international capital of this new sector, companies are weighing up whether to remain in the City, move to an EU country or create a spin-off (subsidiary) in one.

During the launch period for the international program, Bankia Fintech by Innsomnia gave presentations in London, Paris, Mexico City and Bogota. These meetings were used to gauge the level of interest among Latin American fintechs in connecting with Europe and for the Anglo-Saxon world to take the reverse approach.

The development of regulations in this sector in many countries is currently one of the concerns for fintechs, both in terms of the restrictions that may be imposed and regarding their ability -or otherwise- to operate in certain markets depending on where their headquarters are located. Some startups therefore see Bankia's project as an opportunity to create a spin-off outside of their home territories in order to expand their operational scope.

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