Bankia hires seven startups for minimum viable product
Spanish financial group Bankia has contracted seven of the 13 startups – whose development has been accelerated by Bankia Fintech by Insomnia- in order to develop a minimum viable product which will be financed by Bankia and developed by the hired companies.
Bankia Fintech by Insomnia (which is the first incubator and accelerator fintech in Spain) was launched in June 2016, and received during its first call almost half of all the fintech companies existing in Spain by that time, from which 13 were selected and which have already finished their acceleration.
Ignacio Cea, head of Strategy and Technological Innovation of Bankia, said: “The high quality of the seeded projects and their match with our digital transformation strategy being developed have enabled us to reach an agreement for the contracting of half of the companies having participated to the first call of Bankia Fintech by Insomnia, a really high percentage in this type of projects.
“We are committed to open collaboration with fintechs in order to bring value to our customers, as collaboration with startups has become a source of solutions providing Bankia new working methodologies, access to external talents and new approaches.”
The seven accelerated companies offer a wide range of technological solutions in different financial areas such as risks, SMEs and self-employed, payments, financial markets or geolocation of businesses, among others.
In the area of solutions for SMEs and self-employed -segments considered strategic by Bankia- are the startups Betterplace, Declarando and Exportory, while in the area of risk, the ARM and Zänk projects can be found. ARM uses advanced automatic learning techniques to control risk management in real time. Zänk focuses on peer-to-peer lending with a proprietary scoring system.
Inespay looks at payments, as it is a payment platform operating through bank accounts. It uses online bank transfers as a payment mean for debt recovery.
Finally, and working in the field of financial markets is The Logic Value, a startup that provides analysis of listed companies, mutual funds, data and management tools in a single integrated solution.
The different agreements reached with these companies arise from the Partner’s Day, which is a private and confidential meeting held between Bankia managers and members of each of the 13 startups that ended the project. The meeting is also used by the companies as a platform to present to Bankia the projects they have been developing in the previous months.
Cea added: “Bankia’s collaboration with startups is a win-win relationship, in which both parties benefit, as there is a combination of fintech ideas and proposals with the client’s knowledge of the financial institution, which ends in a perfect platform to design the evolution of the sector.”
Recently, Bankia Fintech by Innsomnia has closed its second international call (seeding startups from the US, Israel, Australia and the UK) and is now opening its third round, which seeks to fund 20 startups which could offer solutions and value to the 7 million customers of the bank. The deadline for the submission of applications is the 20 September 2017.