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Fintech 18 Nov 2016

Expansión awards the BBVA Open Innovation strategy

The newspaper Expansión has given prominence to BBVA’s open innovation strategy in the second edition of the awards for the “50 best digital ideas”. The intention of these awards is to recognize the efforts of Spanish companies and institutions to adapt their processes and services to the new digital economy.

BBVA was one of the five winners in the open innovation category thanks to its various initiatives designed primarily to promote the new ideas and talent of entrepreneurs and startups to jointly transform the financial industry. Three of the projects included in this recognition are:

Propel

Expansión has recognized the creation of Propel, the new entity that manages the $250-million BBVA fund to invest in the most disruptive companies in the fintech sector . Propel has already made six investments since it was established last February, the most recent of them in Hixme (platform for creating social benefit programs for employees). Other Propel investments this year include Brave (a browser that blocks invasive advertising and uses blockchain to make payments); Civic (identification with blockchain technology); Drive (B2B sales platform for car dealers); Hippo (home insurance); Guideline (platform for managing pension plans known as 401K).

Expansion Award Innovation Open Talent BBVA

Marisol Menéndez, head of BBVA Open Talent, and Raúl Lucas, head of BBVA Open APIs, were responsible for collecting the award.

BBVA Open Talent

Similarly, the work supporting startups through BBVA Open Talent was put into focus. This contest held its eighth edition this year in which 1,200 submissions were received from 77 countries. These figures exceed all those from previous years and entail the program being consolidated as a global leader in fintechs (new financial technologies).

Open platform

The sum of this approach to the entrepreneurial ecosystem is completed by the pioneering experience of BBVA with the launch of BBVA API Market last May. Through this portal, access has been given to a set of APIs that make the Bank’s platform available to third parties to help them develop new business lines, opening up new services or simply improving user experience.

BBVA API Market has been running for six months in an Alpha version to which access is only given through invitation in Spain and the United States. The commercial phase is about to begin.

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