Applications open for Spain’s first bank-backed fintech incubator and accelerator

Bankia Fintech by Innsomnia, Spanish bank-backed first fintech incubator and accelerator, has invited fintech startups based in Europe and Latin America for its four-month program in Valencia from 15th December 2016.

The program aims to support and accelerate startups or spinoffs of established companies in a wide variety of areas such as blockchain, predictive analytics, regtech, artificial intelligence, marketplaces, insurtech, smart data, digital and payments solutions, robo-advisory, IoT, cybersecurity, among others, the release stated.

“The convergence in time and space of the national program, which is currently taking place at Innsomnia’s headquarters, with the international program, will encourage collaboration between these Fintech ecosystems and raise the overall level of the sector in Spain,” Francisco Estevan, CEO of Innsomnia stated.

The 16-week program will help European and Latin American companies that are willing to establish its presence in Spain, to access its market. The program will have series of training and mentoring for the incubated and accelerated businesses that will aid them in bringing together winning ideas. This will include tailored business plans, as well as an immersion to the Spanish fintech ecosystem.

One of the key characteristics of the Bankia Fintech by Innsomnia project is its commitment to collaborative working and it does not require a stake in the companies that will be selected to benefit from this incubation and acceleration program.

Bankia is one of the leading banking institutions in Spain that has launched this fintech incubator and accelerator this year. The deadline for fintech startups to enroll for the competition is on 15 February 2017. Top five companies that meet Bankia’s requirements will be selected by the end of February 2017.

“We want this program to strengthen Bankia’s commitment to the fintech industry. “The first step in this process is to replicate the enormous popularity of the first national Bankia Fintech by Innsomnia program, which attracted 40% of all Spanish fintech companies,” José Ignacio Goirigolzarri, Bankia’s chairman said.

Bankia Fintech by Innsomnia organized its first program that had 14 start-ups from Madrid, Asturias, Castellón, Alicante, Valencia and Barcelona. These participants will be joined by the five companies selected in the international program now being launched.