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Pablo Gómez Fernández-Quintanilla, director of the Bankia Observatory and Innovation Lab.

Innovation

Pablo Gómez Fernández Quintanilla: "Of the startups that enter the Bankia Fintech by Innsomnia Program, 80% have been able to develop a proof of concept with the bank"

Interview with the director of the Bankia Observatory and Innovation Lab.

Communication Bankia

By  Communication Bankia

Publish on 
14 October 2019 - 13:30

  • The objective of the Bankia Fintech by Innsomnia Program, the first collaborative accelerator of financial technology in Spain: to get the participating companies to develop a proof of concept with the bank
  • The fifth Call seeks to attract startups with solutions and value for bank customers

How has Bankia planned the Fifth Call for Bankia Fintech by Innsomnia?

The goal of the program is for startups to enter the call to develop a proof of concept with the bank to respond to the bank's challenges. The teams of the startup and Bankia will work hand in hand for seven months to develop a proof of concept to be presented at the end of the program.

What type of startup can enter the Fifth Call for Bankia Fintech?

We are looking for companies that work in the fields of blockchain, Artificial Intelligence - Machine Learning (AI-ML), cybersecurity and fraud prevention, wealth management, alternative credit scoring, payment methods, algorithmic trading, solutions for companies, solutions for self-employed workers and freelancers, banking as a service, regtech, proptech, insurtech and legaltech.

The size of the company does not matter, we are looking for people who can help us and whose product fits the Bankia business model.

What are the strengths of this call?

The strong point of this call for proposals from Bankia Fintech by Innsomnia is that startups enter a very solid and serious program, where their project is monitored by a Bankia team.

This new call will be that of collaborations, partnerships, joint-ventures, new business models to be exploited by the bank and startups.

Pablo Gómez Fernández-Quintanilla
Director of the Bankia Observatory and Innovation Lab.

What are the incentives for a startup that enters the Fifth Call?

The program will start on 25 November and lasts seven months. During the first two months, work is centred around the bank's services, with tailored training and mentoring to define the scope of the proof of concept to be developed during the program. A key meeting is held at the end of January to validate the project. During the remaining five months, Bankia provides a team of people that will start working with the startup to present the proof of concept in June, during the Partners day.

The startups that join the Fifth Call of Bankia Fintech by Insomnia will have work spaces in Madrid and Valencia. They will also have access to the largest international network of accelerators that will allow them to grow in Europe and the American continent.

What percentage of companies that have been part of a Bankia Fintech call are working with the bank?

Based on the last call for proposals, 80% of the startups that joined the Program have done a proof of concept with the bank.

How would you encourage startups to take part in this fifth round?

If you think you have a product that matches what we are looking for, the Program is the most agile way to develop a proof of concept with us, which will allow you to subsequently have a long-term relationship with Bankia.

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