Banco Bilbao Vizcaya Argentaria (BBVA) and fintech venture investor and builder Anthemis have partnered to build the next generation of financial services startups.
The partnership reinforces the strategy of BBVA to be part of the fintech ecosystem and develop products and services for the new era of digital banking.
Under the partnership, the companies will build a venture creation studio in London to create value by deploying capital and resources to building businesses that address untapped user needs and attract the best fintech entrepreneurs.
The partnership will also enable Anthemis to continue the cultivation of change in financial services. The two companies expect to help startup founders to find new business opportunities, begin projects and see them develop from conception through to the seed capital round of financing.
BBVA new digital businesses head Ian Ormerod said: “This agreement will help us realize growth in our capacity to promote, create, and advance UK and international fintech projects outside of our core markets.
“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. Anthemis’ experience both in the UK, Europe and increasingly across the US makes them the best possible partner for this project.”
The partnership will complement BBVA’s present start-up activity, where the bank creates, invests in and collaborates with companies in the fintech ecosystem through its venture capital fund Propel and its New Digital Businesses (NDB) unit.
For this partnership, Anthemis is claimed to bring its deep knowledge in global fintech trends, a network of innovators and a track record of fintech investment. As part of the agreement, a specialized team will be created, representing both BBVA and Anthemis and will be responsible for the management of the studio and its projects.
Anthemis founder and president Amy Nauiokas said: “BBVA shares our passion for transforming financial services for the Information Age. The company has played a tremendous role supporting innovation in the fintech ecosystem globally for many years.
“To that end, BBVA is a perfect partner for Anthemis to align with as we seek to find the next opportunity spaces for early stage entrepreneurs inside an industry still so ripe for change.”
Last year, the Spanish bank launched several projects such as Tuyyo, an app that facilitates instant international money transfers and Covault, a startup specializing in online identity protection using biometrics.