BBVA has acquired Spanish big data and cloud computing startup Madiva Soluciones as part of its strategy to buy up companies that are developing new technologies and disruptive business models.
Founded in December 2008, Madrid-based Madiva reached profitability in its first year, working with companies in sectors such as insurance, banking, real estate or consulting. Its services simplify existing processes and create new business opportunities by processing unstructured data and high volumes of information available on the Internet, which it then compares and matches with other sources.
"Big data is an area of great potential for BBVA and Madiva strengthens our capabilities from day one," says Carlos Torres Vila, head of Digital Banking at BBVA. "Without a doubt Madiva will contribute to developing an improved offering for our clients."
As an example, he says that Madiva can value large property portfolios in hours, a process that in the past could take months.
"If one bank is truly betting on innovation today that is BBVA," says Juan Jose Divasson, CEO of Madiva. "We wanted to be part of the company that has best understood the potential of what we do."
Madiva's acquisition follows that of US neo-bank Simple last February.
Like Simple, the new acquisition will continue to operate as an independent company, serving BBVA and its other clients.
Financial details were not disclosed.