BBVA, a Spanish banking group, and Anthemis, a venture capital firm that is focused on fintech, have formed a partnership in order to launch a joint venture builder for fintech startups in London, starting with the development of a startup studio. They will be working together to nurture, incubate and develop new financial services products.
The companies say that the studio will be creating value and look for top London startups that can build the next big technologically-innovative products in financial services by deploying capital and resources to building businesses that cater to untapped user needs and attract the best fintech entrepreneurs. The over-riding objective of the partnership is to help startup founders look for fintech business opportunities, initiate projects, and observe them develop from conception through to the seed capital round of financing to help them in achieving their goal.
The startups will be invited to join the accelerator from early to seed-stage of development. Anthemis and BBVA are set to explore backing the firms in equity rounds in the future.
BBVA is best known in the industry for being a majority stakeholder in Atom Bank, a challenger bank, of which it owns 39 percent. and for backing the likes of Coinbase and Trussle through Propel, its venture capital fund.
Previously, Anthemis has financed popular fintechs in London such as Tide, Flux, Etoro, and Monese.
The news comes as Nadeem Sheikh, the chief executive of Anthemis, left the company last June, after an internal review was triggered after a complaint over sexual harassment was filed against him by a female employee.
The global head of Enterprise Solutions at BBVA, Mario Pardo, stated: “This agreement will help us realise growth in our capacity to promote, create, and advance UK and international fintech projects outside of our core markets.”
He added: “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.”