This challenge will adopt a new format focused on specific areas of banking strategy, including both the impact on the business and the organisation and the social commitment of the entity
Cybersecurity, Open Banking or the Contribution to Sustainable Development Goals are just a few of the seven areas that will be the main of the 6th edition of this technological challenge
Another of the novelties found in this edition will be the creation of a prior mentoring phase for all registered participants, through a pool of hours with the programme's experts with the aim of guiding the applications
The registration term for this 6th edition will remain open until 30 November, date on which the selection process will begin for the projects that will be able to access the Bankia Fintech by Innsomnia acceleration programme
Bankia Fintech by Innsomnia opens the doors of its 6th edition, a new call for proposals that will bring together the best projects for bank digitalisation in the national and international sphere. In this way, the largest fintech acceleration programme in Spain keeps pace to launch its call in 2020, and this time its main novelty will the implementation of a format of specific challenges for the various areas that will define the banking sector of the future.
The start of this 6th edition will keep the challenge structure open for startups, incorporating the approach of seven challenges for which the technological solutions with the greatest potential will be sought: Open Banking, Cybersecurity, Contribution to Sustainable Development Goals (SDGs), Quantum Computing, Future of Health and technologies with high potential in banking and finance sectors, such as Virtual Reality or Augmented Reality.
The choice of these thematic blocks responds to the strategic objectives set by Bankia for a true transformation in the sector, with an impact on the areas of business, organisation and social commitment.
Participants may submit their application on the bankia.innsomnia.es platform until 30 November, the date on which the scouting process will be closed and the selection of projects will begin.
As in previous calls, the winners will be able to join the acceleration and mentoring programme of Bankia Fintech by Innsomnia, which will include training sessions and follow-up by more than 30 business area managers, presentations at 10 international hubs and the possibility of accessing an investment fund of more than 20 million euros, specially created by the bank to promote fintech projects developed by startups and scaleups.
Another of the novelties found in this edition will be the creation of a prior mentoring phase for all registered participants, through a pool of hours with the programme's experts with the aim of guiding their applications. In addition, the winning startups will have the possibility of accessing an innovative fast track itinerary, thanks to which they will be able to integrate into the Bankia structure in record time to realise their full potential.
'The sixth call for proposals starts with even more excitement that the previous editions, if that is in anyway possible. This is an edition focused on very specific challenges for present and future times, in which we hope to attract the best projects and teams to, along with them and in the current and future framework of Bankia, build value solutions for our customers that result in a real benefit for the companies that accompany us, thus continuing with the win-win collaboration model that has characterised us throughout all these years', highlights Ignacio Cea, Bankia's corporate director for Strategy and Technological Innovation.
'The way in which this technological competition links the startups ecosystem to one of the largest banks in Spain remains unique. The experience gained over the years has shown us that there is room for both the most disruptive ideas and more mature and previously tested projects, which thanks to this initiative have the opportunity to develop their full potential in a real business environment and together with professionals with vast experience in growing startups focused on fintech and insurtech', says Francisco Estevan, CEO of Innsomnia.
A bridge between innovation and business reality
Since its launch in 2016, Bankia Fintech by Innsomnia has established itself as the largest fintech acceleration programme in Spain, with more than 500 applications submitted and 65 accelerated projects throughout its first five editions. The impact of this programme has crossed borders, with more than 20% of selected international startups coming from 25 different countries.
The growth and mentoring process accessed by the successful companies has also generated a unique innovation laboratory, as Estevan explains: 'The lack of funding, the integration of the project into the real dynamics of companies and institutions and the extension of the time to market are some of the main barriers for startups that develop solutions for the financial sector. Through Bankia and Innsomnia's commitment to acceleration and incubation processes, we have helped many great ideas shape into products and services with great value for companies, but also for entrepreneurs and other citizens'.
Registration for the 6th Bankia Fintech by Innsomnia edition: https://bankia.innsomnia.es/