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Innovation

The bank opens its new Bankia Fintech headquarters in Madrid

Bankia creates a fund to invest up to 20 million euros over a five-year period in fintech projects develop by financial startups

The launch of this tool will allow an important number of emerging companies "to make their projects a reality and to be able to collaborate jointly with the bank in the development of new services for customers".

Communication Bankia

By  Communication Bankia

Publish on 
16 October 2019 - 11:00

  • "With 'Bankia Fintech Venture', today we are taking another step forward and we are contributing with startups with a tool to channel their financing needs so they can develop innovative products and services that will be a perfect complement to Bankia’s core activities", said Bankia's corporate director of Innovation and Cybersecurity, Ignacio Cea
  • The new headquarters in the city centre of Madrid, in addition to the one in Valencia, responds to "the enormous and growing interest of startups in collaborating with Bankia "and will be a drive" for the collaboration project with the best financial startups, both national and international
  • Bankia Fintech by Innsomnia has held four national and international calls for tenders, for which 320 nominations have been submitted and 47 projects accelerated, 20% of them abroad. It also has a fifth call that is coming to an end
  • 80% of fintech startups that took part in the last call for proposals have carried out proofs of concept (PoC) at Bankia

Bankia has announced the creation of 'Bankia Fintech Venture', a fund through which the bank will invest up to 20 million euros over a five-year period in fintech projects developed by financial startups.

This was explained by Bankia’s corporate director of Innovation and Cybersecurity, Ignacio Cea, and the CEO of Innsomnia, Francisco Estevan, during the presentation of the new headquarters of Bankia Fintech in Madrid.

Cea has said that the creation of this fund will allow for a significant number of startups "to make their projects a reality and to be able to collaborate jointly with the bank in the development of new services for customers".

"For Bankia, technology is a huge opportunity. We know that there is talent inside and outside the bank, and that mutual collaboration between internal and external talent is the best way to face the challenges we face as an industry with greater guarantees of success", he assured.

With 'Bankia Fintech Venture', we are taking another step forward and we are contributing with startups with a tool to channel their financing needs so they can develop services related to innovation and technology that are a perfect complement to Bankia’s core activities.

Ignacio Cea
Bankia’s corporate director of Innovation and Cybersecurity.

The fields of the startups include fintech, legaltech, insurtech, regtech, proptech, data analytics and cybersecurity, as well as financial transactions and intermediation.

In this regard, Bankia0s Corporate Director of Innovation and Cybersecurity stressed that "this new fund to invest in startups fosters a culture of innovation". "Being big, robust, regulated and predictable has many advantages, but that also applies to being fresh, agile, original and dynamic, attributes that are very common in startups".

“With 'Bankia Fintech Venture', today we are taking another step forward and we are contributing with startups with a tool to channel their financing needs so they can develop services related to innovation and technology that are a perfect complement to Bankia’s core activities", said Bankia's executive.

New boost to Bankia Fintech by Innsomnia

For his part, the CEO of Innsomnia, Fran Estevan, explained that with the Bankia Fintech by Innsomnia program, "we are continuing to build a pioneering model in Spain where collaboration with financial startups has proven to be the best way to attract innovative talent”.

"Today we are opening a second Bankia Fintech branch in Madrid, in addition to the one that opened more than two years ago in the Marina of Valencia, due to the enormous and growing interest of startups in collaborating with Bankia", said Estevan.

The new headquarters, located on Madrid's Fuencarral street, "will be a new drive for our collaboration project with the best financial startups, both national and international", he added.

These facilities are set up as a collaborative space in which to bring startups closer to customers and enable them to develop their innovative projects.

"Inside and outside talent"

Bankia Fintech by Innsomnia is the first fintech incubator and accelerator in Spain, which focuses on the development of early stage financial technology service projects.

The main objective of this project, promoted by Bankia, and managed by Innsomnia, is to foster innovation in the fintech industry through the implementation of an incubation and acceleration program aimed at national and international startups.

According to Estevan, the Bankia Fintech by Innsomnia model "seeks to help the entrepreneurial ecosystem, but in a sustainable way over time with ideas that benefit customers. In doing so, they will grow and we will grow with them”.

Five calls for proposals

Bankia Fintech by Innsomnia already has four national and international calls for proposals and is about to close the fifth round. A total of 320 nominations were submitted to the first four calls and 47 projects were accelerated, of which 20% came from outside Spain.

In addition, 80% of fintech startups that took part in the last call for proposals have carried out proofs of concept (PoC) at Bankia.

Spain is the sixth country in the world in terms of fintech and it is estimated that fintech will generate 4,500 new jobs in the next twelve months.

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