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Start-ups 18 Apr 2018

BBVA unveils new categories for world’s biggest fintech competition

With a little under a month to go until the world’s biggest fintech competition closes for entries, BBVA Open Talent has unveiled a new incentive to enter.

This year’s competition sees the bank looking for the best and brightest ideas that will shape the future of financial services, with three prizes up for grabs.

A total of €150,000 will be awarded for the three winners of the following prizes:

  • Fintech for Future: €50,000 for the startup with the greatest potential to transform the financial sector in the next 10 years.
  • Fintech for Business: €50,000 for the startup with the best solution to transform the way in which companies manage their finances and data in their operations.
  • Fintech for People: €50,000 for the startup with the best solution to improve the experience of the customer in banking and the way in which people manage their money and their data.

However, the bank today announced that in addition to the main prizes, BBVA will also be searching for the rising stars within categories the business has identified as key areas for growth.

Of the 12 categories identified, BBVA will be selecting the best entry it sees in each, to bring along to a dedicated immersion week at the bank later this year.

That immersion week, which has come on the back of direct feedback from entrants over the last few years, will give the startups the chance to connect with potential customers within the bank. Each of the vertical identified has a dedicated senior executive attached to it, who will provide a direct connection into the business.

For these high growth companies, it could mean the chance to fast-track into a proof-of-concept scheme with the bank, and ultimately secure a big corporate client.

The immersion week takes place during BBVA’s Global Annual Summit, in Madrid, where invitees also include angel investors, other corporate partners, and key influencers across the Spanish speaking world. So again, for the startups taking part, it is an opportunity to grow their business and make crucial connections in super-fast time.

This year, the tenth year Open Talent has run, the categories selected for the BBVA Fintech Business Awards, are:

  • Insurtech
  • Assets Management and Wealth
  • Fintech for Companies
  • Consumer Finance
  • Financial Inclusion
  • Digital Marketing and Sales
  • Automation of Internal Processes
  • Risk Management
  • Fintech for Sustainable Finance
  • Regtech
  • New Payments

Commenting, Ainhoa Campo, who is Head of BBVA´s Open Innovation Connection unit, said: “For BBVA, the chance to work with those at the forefront of building the future of banking services is a great privilege.”

“But we also know that we have a chance to not only support the growth of our business, but to support the growth of dozens of fintech firms too.”

“It’s something we have a strong track record in achieving, and so we are delighted to announce these additional categories for what is the world´s biggest dedicated fintech competition.”

To find out more, visit Open Talent’s website.

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