Bankia : and Innsomnia launch Spain’s first fintech incubator and accelerator

• The first round of this program will select ten financial services technologies and offer them business plan and specific fintech innovation acceleration training as well as financial and cross-industry training
• Candidates may submit their applications from today until 25 July. The training program will begin in September
• One of the unique characteristics of this project is that the selected start-ups may be able to offer their services to Bankia in the future as potential suppliers, as well as receiving investment and financing

Bankia and Innsomnia today announced the launch of Spain's first fintech (financial technology) incubator and accelerator, called Bankia Fintech by Innsomnia, based in Valencia. In this first round, the project will select ten companies that will be provided with training in numerous disciplines in a bid to convert their ideas into viable future businesses.

The application period begins today and runs until 25 July. Full information is available from www.bankia.innsomnia.esOpen in a new window and www.innsomnia.esOpen in a new window. The ten selected companies will begin work in September.

The Bankia Fintech by Innsomnia project was unveiled today in Valencia by Bankia's Corporate Director of Technology Innovation and Strategy, Ignacio Cea, and the CEO of Innsomnia, Fran Estevan, a member of the Spanish Fintech & Insurtech Association.

Bankia Fintech by Innsomnia is looking for companies in nine priority business areas: mobile payment solutions and new payment systems; smart data; financial forecasting and planning models for the self-employed, retailers and families; biometrics; digital marketing displays; bot advisory; risk management and ratings alternatives; aggregator and comparison sites; and cyber security.

The program will provide participants with training and mentoring over the course of 10 months that will be specific to the financial and fintech sectors and the latest advances being made by their competitors internationally, helping them to develop their business plans. They will also be provided with up-to-date cross-industry training on innovation in other areas that may help to develop their products.

One of the unique characteristics of the Bankia Fintech by Innsomnia project is that the participating companies may receive investment and financing from Bankia or they may become suppliers to the bank, selling it their services. Some of these companies may also be allowed to continue their acceleration over a longer time frame, if necessary.

Tools and the right environment for entrepreneurs

During the presentation, the Bankia's Corporate Director of Technology Innovation and Strategy, Ignacio Cea, said, 'We hope that this initiative will provide entrepreneurs with useful tools and the right environment so that they do not have to go abroad to develop their ideas', as has previously occurred on several occasions.

Cea explained that the 150 fintech companies operating in Spain attracted €130 million in investment last year, an increase of 40% over the previous year and representing 20% of the total funds allocated to start-ups.

He went on to explain how these companies are typically characterised by their flexible approach when interacting with customers, the speed with which they can generate solutions, their capacity for disruption and their user-friendliness. Meanwhile, the banks tend to be much bigger companies whose strengths lie in their ability to ensure secure transactions, instil confidence among their customers that user information will be used correctly, and regulatory compliance, among others.

Bankia has launched this incubator and accelerator in an environment in which fintech companies are progressively increasing their role in the financial sector and banks are working alongside them in order to respond to new digital demands from their customers. 'Bankia's main objective is to better serve its customers and we are convinced that technology represents a magnificent opportunity to achieve this, rather than being a threat', said Cea.

Innsomnia's CEO, Fran Estevan, explained that, 'The revolution we are witnessing is going to be universal and the banking sector cannot escape it, because numerous companies from highly diverse backgrounds want to compete in the financial sector'.

'The collaborative platform that Bankia is launching with these fintechs, facilitated by Innsomnia, seeks to create a beneficial environment for all parties, promoting the exchange of talent and offering a win-win relationship. Open innovation in which all parties are completely focused on one thing - the generation of talent', he said.

Lastly, Estevan explained that, 'To innovate in the fintech world, one has to look beyond the financial sector, since experiences in retailing, tourism and robotics can all help to solve problems in this industry, and vice versa'. 'Innsomnia's approach therefore includes integral training, covering disruptions in other fields and other areas of knowledge beyond its own', he said.