ABANCA launches new edition of Program dedicated to Startups

· Applications must be submitted by October 30th through the website.

· The previous edition of the Program is now entering the final phase with the execution of the tests of the projects presented by the startups MyChoice2Pay, WetalkAI, Rentall, and Colibid.

· The fifth edition culminated with the capital investment in Ironchip and the incorporation of technological solutions from Reatia and The Logic Value.

The seventh edition of the ABANCA Innova Startup Program has already started and is intended for any type of startup in the fintech, insurtech, regtech, or cybersecurity sector, both for early-stage projects, with products on the market, and for already consolidated start-ups, with recurring traction and metrics. This is a global initiative of ABANCA and is also available in Portugal.

The ABANCA Innova Startups Program maintains the same approach as in the last six editions, that is, monitoring entrepreneurs in carrying out a proof of concept to validate their business model.

Application period

Interested startups must submit their application by the 30th of October, filling out the form on the ABANCA Innova website. Once the application period is over, the selection of startups, which will participate in the Bootcamp in the next phase, will be done through a committee composed of people from different business units of the bank.

Bootcamp in November

During this event, each startup will have to participate in four meetings with the teams from the Business, Innovation, IT, and Investment Banking departments of ABANCA in order to study the case, design the pilot project, quantify the costs and identify the technological needs. . After this phase, the selected start-ups will start implementing the proofs of concept for this seventh edition.

Throughout the process of developing ideas, startups will have at their disposal a benefits program that includes the use of coworking spaces at ABANCA Innova’s facilities, the use of Amazon web services, Google Cloud or digital marketing tools, communication or human resources valued at more than 150,000 euros. The program also includes the participation of HubIn, a company specializing in innovation and entrepreneurship.

The fifth edition has ended and the final tests of the projects selected in the sixth edition are now taking place

Coinciding with the launch of this new edition, the 5th edition of the ABANCA Innova Startups Program has come to an end. Ironchip, Reatia, and The Logic Value were the three finalists who successfully completed their design tests. In the case of Ironchip, the Basque cybersecurity startup, ABANCA Invest co-led a €2.1 million investment round, backed by Easo Ventures and Inveready. In addition to the capital injection, the startup is already working on implementing smart location technology to protect all ABANCA customers.

The sixth edition of the Program is now entering its final phase with the execution of project tests by startups, MyChoice2Pay, WetalkAI, Rentall, and Colibid.

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