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Innovation

Application period open until the 14th of September

Bankia Fintech by Innsomnia launches its fourth fintech startups competition for its accelerant programme

This Monday, Bankia Fintech by Innsomnia will launch the fourth competition whereby it looks to capture the talent of 20 fintech startups capable of bringing solutions and value to the banking entity's customers.

Bankia Comunicación

By  Bankia Comunicación

Publish on 
10 June 2018 - 11:45

  • Around twenty startups will be selected to develop their ideas in Madrid and Valencia.
  • Blockchain, cybersecurity and artificial intelligence are just a few of the technologies the programme is looking for.
  • Companies can sign up through the website of www.bankiafintech.com and also via www.innsomnia.es

This Monday, Bankia Fintech by Innsomnia will launch the fourth competition whereby it looks to capture the talent of 20 fintech startups capable of bringing solutions and value to the banking entity's customers. Thus, the application period for the presentation of candidates for Spain's first fintech incubator and accelerant is now open and will run until the 14th of September, 2018.

Companies can sign up through the website www.innsomnia.es and also via www.bankiafintech.com. The goal of this project is to work with around twenty ideas, startups or spin-offs of consolidated companies that carry out their activity in a wide range of branches like: solutions for SMEs, regtech, legaltech, customer relations, blockchain, credit scoring, insurtech and trading based on algorithms, predictive models and cybersecurity.

Following in the footsteps of the last competition, the fourth edition will last seven months and is open to both national and international projects. The companies selected will have the opportunity to work with Bankia's innovation team and the experts and mentors of Innsomnia to design a product to meet the entity's needs.

The start-ups that go on to form part of Bankia Fintech by Innsomnia will move to its offices located in Valencia Marina and in Madrid, where they will receive training and mentoring in critical business areas, services of added value like legal advice, help in the search for public financing and communications advice.

Two years up and running, three competitions

Since the launching of the first competition in 2016, Bankia Fintech has experienced growth of 56%. In total, 194 startups have applied to participate in the competitions over the two years since the project started. Most of these were from Spain but also from countries as diverse as Australia, France, the UK, Luxembourg, Argentina, Uruguay, Israel, Peru and Poland.

Over 30 projects have gone through Innsomnia, of which around 70% of the companies have signed an agreement with Bankia following satisfactory concept testing. Predictive models, financial tools, big data, blockchain, cybersecurity, regtech and insurtech are the most disruptive technologies to participate in the three competitions.

Bankia Fintech by Innsomnia

Bankia Fintech by Innsomnia is the largest open innovation project in Spain. It's a project promoted by Bankia and managed by Innsomnia with the goal of promoting innovation and talent in the fintech sector.

The programme focuses on the incubation and acceleration of financial technology service projects. An innovative work method that consolidates Bankia Fintech by Innsomnia as the fintech incubator and accelerant of reference in Spain.

The mission is for the selected projects in each competition to have the opportunity to work in a collaboration environment where the experience of one of the country's largest financial entities is fused with the freshness and curiosity of an accelerant.

The philosophy of this model does not require the chosen start-ups to have equity, no initial capital share is requested and the end goal is to reach a commercial agreement, only if both parties so wish, for the bank to become each start-up's first big client. After Partners Day, Bankia and the start-up will decide whether or not to maintain a relationship and the conditions both parties agree to.

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