BBVA Open Talent 2015 searches for financial service industry's most disruptive startups

MADRID, May 11, 2015 /PRNewswire/ -- BBVA today announced the opening of registration for its seventh annual global startup competition, BBVA Open Talent. The competition will focus on financial technology innovators in 2015, and will award 30,000 euros in prize money to each of the six winners and offer them a two-week immersion course where they will network with BBVA executives and industry professionals in London and Mexico.

The global competition is part of the BBVA Group's open innovation strategy, which encourages partnerships with entrepreneurs and developers that are disrupting the financial industry. The strategy is also driving the investments made by BBVA Ventures, the Group's corporate venture arm, and the acquisitions of digital banking service pioneer Simple, big data startup Madiva and user experience firm Spring Studio.

With its new fintech focus in 2015, BBVA Open Talent seeks to discover innovative startups that could have a direct impact on the financial services industry, or other relevant industries such as e-commerce, user experience or big data, among other fields.

"Interacting with innovation ecosystems has always been a priority for BBVA and BBVA Open Talent, but the 2015 competition is primarily focused on companies and products in financial services or those that are related to pioneering products in the development of the Group's new digital services," says Gustavo Vinacua, director of Innovation Centers and Open Innovation at BBVA.

BBVA Open Talent has proven to be a catalyst for participating startups. Last year, Socure, an online security company, raised $4.7 million from a round of financing right after winning the U.S. edition of the contest. The finalist in 2013, Kantox, a foreign exchange platform, closed a $6.4 million round of financing, and that year's winner, Traity, an online reputation company, raised $5 million.

Interested fintech startups can register for the global competition through July 13 on the BBVA Innovation Center website. Startups will compete in the region where they are registered, and the three regions include the U.S. and the rest of the world, Europe and Latin America. Twenty finalists from each region will be chosen to compete in the finals, where entrepreneurs will present their companies to a jury, which will select two winners from each region.

Winners each receive 30,000 euros in prize money, which can be used to test a concept or service at BBVA, and a two-week immersion course, divided between Mexico and London, during which they will network with BBVA professionals, investors and the fintech ecosystem.

Vinacua said, "We want to build stable, long-term business relationships with these entrepreneurs and their startups, to the benefit of both parties. BBVA can share its knowledge and experience in the banking business, while they can show us a new way of doing things."

NO PURCHASE NECESSARY TO ENTER OR WIN. Open to all entrepreneurs who are natural persons above the age of majority in their respective jurisdictions and entrepreneurial companies who meet the requirements described in the contest terms and conditions.   Participants may enter the contest between 2:00 p.m. on May 11, 2015 and 2:00 p.m. on July 13, 2015.  The Validity Period of the contest runs from 2:00 p.m. on May 11, 2015 to 2:00 p.m. on December 31, 2015.  For additional information regarding eligibility and prizes and the complete Official Rules please visit https://www.centrodeinnovacionbbva.com/en/opentalent.  Sponsor: BBVA Plaza de Santa Barbara 2, 28004, Madrid.

About BBVA Group

BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at www.bbva.com.

About BBVA Compass

BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass earned the top ranking with customers in American Banker's 2014 annual reputation survey of the top 25 largest U.S. retail banks. It also has been recognized as one of the leading small business lenders by the Small Business Administration and in 2014 ranked 12th nationally in total SBA loan volume. Additional information about BBVA Compass can be found at www.bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com. 

Editor's Note:
BBVA Compass is a trade name of Compass Bank.

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SOURCE BBVA Compass

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