BBVA has been recognized as one of the corporations doing the most to support startups in Europe. Startup Europe Partnership (SEP), an initiative established by the European Commission to support new companies in the technology field, praised BBVA’s open innovation strategy and included the bank in its ranking of the top “12 Corporate Startup Stars.”
BBVA was also awarded a “SEP Corporate M&A award,” in recognition of its fintech investment and acquisition policy, and a “SEP Open Innovative Approach award,” for fostering in-house initiatives to build new and disruptive proposals as Trust·u, the BBVA project that offers alternative financing for small- and medium-sized enterprises (SMEs).
BBVA was the best-positioned financial institution in this second edition of the European Commission’s awards. The EC praised BBVA’s remarkable efforts in placing open innovation and digitization at the core of its strategy.
BBVA’s inclusion in the “12 Europe Corporate Startup Stars” bears witness to the global nature of both its Open Talent initiative and M&A policy, which has resulted in the acquisition of companies such as Simple in the U.S., Holvi in Finland, Openpay in Mexico, Madiva in Spain, and an investment in Atom in the United Kingdom.
SEP also lauded BBVA’s approach of promoting disruption from within by creating in-house startups such as Trust·u and Muno, calling it one of the most innovative transformation strategies.
Teppo Paavola, General Manager for New Digital Businesses at BBVA, said: “Supporting the growth of disruptive fintech businesses is a core strategic ambition for BBVA, both outside the Group and within, as we work to build a truly digital business. It’s fantastic to get this recognition from the SEP, and what’s even more exciting is that there is a lot in the pipeline from BBVA’s New Digital Businesses in the future as we look to foster innovation throughout the banking sector.”
Marisol Menéndez, Open Innovation Manager at BBVA added: “Working closely with the innovation ecosystem is essential for keeping up with the rapid pace of change set by fintech startups. BBVA has a strong history of partnering with and promoting startups outside the Group, for example our Open Talent competition, in a way that is mutually beneficial both for them and for us, and of course our customers and clients.”
The SEP award ceremony held today in Brussels showcased how collaboration between corporations and startups can bring tremendous benefit to both: “Startups can access invaluable resources and market insight which can help them scale, while established companies can benefit from a new mode of innovation as well as cultural change,” said Carlos Moedas, European Commissioner of Research Science and Innovation.
With these awards, SEP aims to recognize the best practices and role models in open innovation, hoping that they inspire other European companies to follow suit.