Spanish banking group BBVA has partnered with FinTech venture capital firm Anthemis Group to build a venture creation studio in London.
This will deploy capital and resources to businesses that address untapped user needs and attract the best entrepreneurs.
The partnership will see BBVA expand its footprint in the FinTech ecosystem, complementing its current startup activity, where the bank creates, invests in and collaborates with companies through its venture capital fund Propel and its New Digital Businesses (NDB) unit.
Ian Ormerod, BBVA's head of new digital businesses, said: “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.
In 2017 BBVA launched multiple projects, including Tuyyo, an app that facilitates instant international money transfers, and Covault, a startup specialising in online identity protection using biometrics. The bank also launched Muno, the first digital insurance company in Spain exclusively targeting the self-employed.
Other BBVA investments include a 39 per cent stake in UK challenger Atom Bank, as well as a stake in Germany's solarisBank, a pioneer in banking as a service.
BBVA’s external investment arm, Propel Venture Partners manages the portion of the bank's resources that are earmarked for FinTech startup investment. Some of its recent transactions include an investment in Brazil's Neon Pagamentos and British online mortgage platform Trussle.
As part of the agreement, a specialised team will be appointed that represents both BBVA and Anthemis and is responsible for the management of the studio and its projects.
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