BBVA Open Talent – now in its 11th edition – is the largest fintech competition globally. Its aim is to discover the most innovative and disruptive fintech startups that BBVA Open Innovation can work with to support their growth through a combination of multi-sector expertise, funding, and industry exposure.
Cristina Iborra, Open Innovation Ecosystem Project Manager, is responsible for leading the Open Talent competition this year. She talks about how the competition has evolved over the past 10 years and what the Open Innovation team is looking for from applicants.
This year, Open Talent is looking for startups that shine bright! Can you explain what this means and how a startup can dazzle the judges?
We are looking for the most innovative fintech solutions in the global market to become part of the BBVA ecosystem. Ultimately, we are looking for the best and brightest companies that we could work with to bring our customers and clients the best experiences in the long term.
We want to find startups with disruptive ideas that will change the way people manage their finances and indeed with data. These should be truly revolutionary ideas, and fit within BBVA’s wider strategy to bring the age of opportunity to everyone.
How has Open Talent changed during the time you’ve been involved?
Since we launched Open Talent, we have evolved the structure, focus and objectives of the competition. When it started, it was a route for BBVA to connect with the entrepreneurial world. At this time, it was not sector-specific and we invited entries from companies across different sectors from health to social impact. After the first few years, we realised it was more valuable to focus on attracting startups that could grow and improve our business, so we focused on startups related to fintech.
There are other initiatives and events within Open Innovation which search for startups that already have some traction in the market. What we’re looking for with Open Talent is those earlier stage startups that we can advise on growth and build. We want to be part of their journey and evolution and help them in whatever way possible – whether that is introducing them to stakeholders and influencers in the banking sector, to expertise from within the bank, or through funding. We want to walk hand-in-hand with them.
Every year there are awards for different categories of fintechs, however this year the prize is slightly different. Instead of a cash prize, BBVA has partnered with Anthemis to provide a springboard for startups; winners will receive a top prize of €100,000 through an investment by our BBVA-Anthemis Venture Creation Partnership. This is the first time we have offered an investment prize through our collaboration between BBVA and Anthemis. Along with the chance to receive strategic support from the UK’s leading fintech-specialist venture capital firm, the winner will have access to the expertise of one of Europe’s biggest and most innovative banks.
As well as looking for the very best fintech ideas (in any sector), we also have a special category this year focused on sustainability. Future-proofing the financial system and making it more sustainable is vital for financial services. We would really like to hear from people with ideas on how to cut the huge human and financial costs of climate change, and that can improve our collective wellbeing.
Has the quality and/or range of startups improved?
The range of entrants and the solutions they are building gets more diverse each year. At BBVA we are becoming more focused on the kinds of ideas we are looking for, especially as one of our ‘pillars’ at Open Innovation is to connect the startups back into the core of the business.
What do you see as the priorities for Open Talent and the wider fintech ecosystem in 2019 and the next few years?
Sustainable finance is now one of the most prevalent and important trends in the fintech world. Therefore, we have created a new special award trying to analyse the most disruptive companies working in building a sustainable finance environment.
What have been some of the biggest success stories from Open Talent during the time you’ve been involved?
ChargeAfter won the 2018 Open Talent award in the Fintech for People category and has gone from strength to strength, developing its quick and easy point-of-sale financing solution. In May this year, it raised $8 Million in Series A Funding from BBVA’s venture arm Propel Venture Partners to expand its multi-lender program.
Nummularii won Open Talent in 2018 in the Asset Management and Wealth category and recently completed a successful proof of concept (PoC) with BBVA in Madrid that aimed to increase the efficiency of asset managers and improve the customer experience through an AI based advisory platform.
Alquilando, a startup that simplifies the rental process in LATAM and guarantees payment on time to landlords, won the country award for Open Talent in Argentina in 2018. It has since signed an alliance with BBVA in Argentina and is framing a PoC with BBVA in Colombia that uses AI to identify biometric patterns when users sign up to BBVA’s mobile banking services.
What excites you most about your work?
It’s a very dynamic job. Being in close contact with the fintech ecosystem and searching for new opportunities is exciting to me. I have to keep up with the most disruptive new ideas and trends, and am part of the collaboration process between BBVA and fintech startups to build the future of financial services. It’s amazing to be part of that.
Have you seen new markets emerge – both geographical and new types of product/service?
Each year is different and there are different trends in the products and services being developed. The markets that consistently lead in fintech innovation have not significantly changed in the past 10 years. Hubs like Singapore, Tel Aviv, London, Bogotá, Mexico City or New York are the strongest globally and produce some fantastic startups.
