The first incubator and accelerator in Spain, Bankia Fintech by Innsomnia concluded its V-call with Partners Day, where 17 accelerated startups accelerated their evidence of concepts under disruptive technologies such as Artificial Intelligence (AI), Blockchain, Cybersecurity, Machine Learning ( ML), among other.
The financial group announced this on Wednesday in its digital medium Bankia Comunicaciones.
As in previous editions, the aim of the project was to work on open innovation processes with various areas of the bank. Developing products for the financial institution and its customers through the collaboration of technology companies and the bank.
The startups showed the development of their projects in these tests, after working with the Bankia innovation team and the experts and mentors from Innsomnia for seven months to develop and expand their original idea.
In this 5th edition, the first collaborative fintech accelerator in Spain looked for solutions, projects and ideas in areas such as blockchain, artificial intelligence, machine learning, cybersecurity and scoring, payment methods, algorithmic trading, solutions for businesses, cryptocurrencies, solutions for freelancers and Freelancers, including Insurtech, Neobanco, Regtech.
“We are very pleased with the outcome of this fifth call for the Bankia Fintech by Innsomnia program given the level of accelerated projects that will certainly allow us to better serve our customers in the future,” said Ignacio Cea, Corporate Director of Innovation and Cybersecurity at Bankia, who added, “We believe that collaboration between a large organization and startups is the best way to attract talent and face the challenges ahead.”
On the partner day of this V edition, five artificial intelligence (AI) projects developed by Fintep, Hubtype, Tickendy, Zárate Meteo-Algorithmic Systems and Multiverse Computing presented their proofs of concepts.
Three more user experience projects were also presented, which were carried out by Tadoo, UCapture and Xperiencia Virtual. two on cybersecurity with Signicat and Rootpointer; two from Blockchain, responsible for Donext Digital Solutions and Dain; and two from Alternative Credit Scoring, played by TheLogicValue and October.
Likewise, a Regtech project sponsored by Query Lawyer, another from Business Solutions, from GouBlue; and another from Disruptive Payment Means, Subscription.
The official closure of the program was conducted in a basically telematic format due to the global health crisis, with only two moderators and moderators physically present on set. For its development, there were more than 70 different national and international connections through which representatives of the participating startups and their respective mentors took part in the event.
V-call: record of participation
The fifth call for the Bankia Fintech by Innsomnia program began last December after 173 applications were received from startups interested in participating. After a selection process, 17 companies ended their participation, 20% of them from international markets.
Since the start of the first call in 2016, Bankia Fintech has seen significant growth, with a record number of participants, up 38% over the previous call. In its five calls, the Bankia-funded and Innsomnia-managed project gathered nearly 500 submissions and 64 accelerated projects, around 90% of which performed a Proof of Concept (PoC) for the bank. Predictive Models, Financial Instruments, Big Data, Blockchain, Cybersecurity, Regtech, and Insurtech are the most disruptive technologies that have participated in previous calls.
Bankia Fintech from Innsomnia
Innsomnia’s Bankia Fintech is the largest open innovation project in Spain, based in Valencia on the Mediterranean Sea and in Madrid in the center of the capital. It is a project sponsored by Bankia and managed by Innsomnia with the aim of promoting innovation and talent in the fintech sector.
The development of the program focuses on incubating and accelerating financial technology services projects. Each project selected in each call has the opportunity to work in a collaborative environment that combines the company’s experience with the concerns of each participating accelerator.
The philosophy of this model does not require equity from the selected startups and promotes the B2B business model. It also has the ultimate goal of reaching a trading agreement only if both parties agree, so that the bank becomes the first major customer of any startup.
On the other hand, the international application of the project has allowed Innsomnia to consolidate in Latin America, Belgium, London, Luxembourg and Israel, achieving a global reach that leads to the support of the internationalization of startup projects in other important areas of Fintech Lands worldwide.
The partner day
The partner day is the official end of the program, in which those responsible for innovation and the different business areas of Bankia take part. The aim is to present the results and goals achieved during the program so that the advantages of the developed Proof of Concept (PoC) are presented to the company. From that moment on, various possibilities open up for continuity with Bankia: financing, contracting and investing in the product / service created.
The monitoring program is administered by highly respected professionals who accompany and guide the participating companies and provide experience, knowledge and contacts. During the day, an individual mentoring and training plan is expressly developed for each project in order to achieve and contribute to the greatest possible benefit.
The contents that are always present in all editions of Partners Day are: complex sales, internationalization, negotiation, financing, investment, legal aspects, intellectual property, marketing as well as basic tools for participating startups.
This year’s Partner Day was attended by senior mentors with a long history in the fintech ecosystem, assisting companies in tackling industries, overseeing project development and providing valuable services to companies with all the tools necessary for the proper development of the program.