BBVA opens doors to fintech startup competition

BBVA opens doors to fintech startup competition

Spanish banking giant BBVA is inviting fintech startups from around the world to enter its Open Talent competition for the chance to win EUR30,000 and high-level networking opportunities.

Now in its seventh year, the contest is looking for projects that use technology in innovative ways that could transform the financial services industry.

Startups have until 13 July to register in one of three regions: Europe, Latin America, and the US and the rest of the world. Then 20 finalists from each region will go through to a final where they will pitch to a jury that will pick six winners.

These winners will each receive EUR30,000 euros in prize money, which can be used to test a concept or service at BBVA, and a two-week immersion course, divided between Mexico and London, during which they will network with BBVA staffers, investors and the fintech ecosystem.

Last year the competition attracted entrepreneurs from 56 countries, showcasing 850 technology projects. Socure, an online security company, raised $4.7 million from a round of financing right after winning the US edition of the contest.

Gustavo Vinacua, director, Innovation Centers and Open Innovation, BBVA, says: "We want to build stable, long-term business relationships with these entrepreneurs and their startups, to the benefit of both parties. BBVA can share its knowledge and experience in the banking business, while they can show us a new way of doing things."

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