One of the most progressive financial institutions globally launches its anniversary edition of the world’s biggest FinTech competition – BBVA Open Talent 2018.
BBVA Open Talent is an international competition specializing in the FinTech sector that looks for solutions with the most disruptive potential in the industry in order to improve the way people and companies manage their finances.
Launched two weeks ago, BBVA Open Talent 2018 has already collected 150+ applications, and will continue to be open for registrations until May 2018. With three prizes worth €50,000 each and endless opportunities for collaboration between startups and BBVA, there is a lot at stake in the latest edition!
“It is now the 10th year in a row (that) we have worked to partner with the world’s best FinTech to put amazing in the hands of our customers and clients. This year we have decided to change things up a bit, and to ensure the feedback we get from the whole FinTech startup ecosystem is incorporated into the event. The aim is a totally win-win initiative for BBVA, for the startups, and ultimately for the customers and clients who will be the beneficiaries of the products and services being developed.” – Marisol Menendez, Head of Open Innovation, BBVA
Throughout the course of its ten-year history, BBVA Open Talent has seen 6000+ applications from 80+ countries. In the last two years alone, the event has created 221 collisions between the bank and FinTech startups, as well as 34 PoCs. The 2017 edition had over 700 candidates from 77 different countries.
“What we saw last year , especially with the culmination at our now annual Open Summit, was the energy the partnerships create – not just between BBVA and the startups, but the connections they make with investors, with business opportunities, and with each other,” said Menendez.
True to its goal to connect with new initiatives, BBVA now works with seven companies who have taken part in the competition since 2016. In 2018, BBVA has already signed an agreement with one previous participant, which will sell its home insurance solution through the BBVA Seguros platform in Argentina.
Requirements for startups applying for BBVA Open Talent 2018
Startups incorporated from the January 1, 2012 onwards.
Startups with a turnover of up to €3 million in 2017.
FinTech or FinTech-related startups.
Startups that at least have a demo or beta prototype.
“We are looking to innovate, to connect with new initiatives, to find new ways of taking on the future challenges facing the financial sector, and to discover the FinTech solutions with the most disruptive potential in the financial services industry. We want to find the best business ideas to revolutionize the way people and companies manage their data and their money.” – BBVA Open Talent
With BBVA Open Talent 2018, BBVA is looking for ideas that will shape the future of banking, that will support customers to make the most of their money and their data, and that will help customers reduce the stress of money management and financial decision-making.
One of the most forward-thinking institutions is also looking for solutions that will make businesses run more efficiently, operate more effectively, and work in entirely new and innovative ways.
Ultimately, as BBVA shares, through its Open Talent competition, the bank aims to foster and support disruption in the banking sector, and to ensure that technology can continue to work as a catalyst for positive change in an ecosystem where industry lines are blurring and great customer and client experience is a key driver for success.
Evaluation: BBVA experts will analyze all participants
Shortlisting: BBVA will choose the most disruptive and promising proposals
BBVA Open Summit Final: Startups, BBVA executives, investors, and FinTech experts will all come together to meet the finalists
Announcement of Winners: BBVA will announce the lucky winners
BBVA will award a total of €150,000 to 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.
Moreover, the three winners will have the chance to participate in BBVA Immersion Week and get exposure for their business at an important, globally-regarded financial conference. The Immersion Week consists of work sessions to advance pilot projects, collision days between BBVA and the FinTech ecosystem, and networking sessions. These five intense days have become one of the most coveted prizes by previous years’ winners, BBVA shares.
BBVA Immersion Week offers a unique chance for a true rapport to be formed between BBVA, the finalists, and the winners of BBVA Open Talent. The program gives participating startups and BBVA the opportunity to share experiences, learn, and help each other to grow and improve.
Winners of BBVA Open Talent 2018 will also get the chance to be fast-tracked into a PoC vehicle with BBVA, while a place will be reserved for them at the BBVA Open Innovation Global Summit to be held in Madrid.
BBVA will also be selecting up to 20 other startups who will have the opportunity to participate in the immersion week in Madrid and the BBVA Open Innovation Global Summit – a landmark event that will bring together a large number of key influencers, investors, and potential partners in the Spanish capital – all aimed at supporting the growth of the startups in terms of investors, customers and clients.
“BBVA and its partners are strongly committed to working with the FinTech community in a way that delivers real benefits for the startups, the bank and, of course, customers & clients.” – BBVA Open Talent
Startups can register for BBVA Open Talent 2018 until May 3, 2018, 11:59 PM (San Francisco, USA time). Registrations after that time will not be permitted. For updates and more information, follow BBVA Open Innovation.