Spanish banking group BBVA is partnering with UK-based venture capital outfit Anthemis to open a startup studio in London, working together to nurture, incubate and develop new financial services products.
The companies say the studio will create value by deploying capital and resources to building businesses that address untapped user needs and attract the best fintech entrepreneurs. The over-riding objective is to help startup founders find fintech business opportunities, initiate projects, and see them develop from conception through to the seed capital round of financing.
“This agreement will help us realise growth in our capacity to promote, create, and advance UK and international fintech projects outside of our core markets," says Ian Ormerod, BBVA's head of new digital business. “The aim is simple, find the very best fintech ideas - the ones that are real game-changers and that will improve people lives and the way businesses operate, and then support their growth."
Both organisations have backstories in the venture creation space. BBVA has rolled out a whole series of home-grown standalone startups over the past two years, while Anthemis boasts a portfolio of 65+ startups and its own venture builder Anthemis Foundry.