Spanish banking giant BBVA has joined forces with venture capital firm 500 Global to help it identify disruptive startups and technologies for financial services.
Under the partnership, the companies will develop an intelligence platform that can promote new collaborations and pilot projects between the bank and startups.
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By GlobalData500 Global, which has over 2,500 startups in its portfolio, will bring insights from its portfolio companies and industry contacts to BBVA.
BBVA global head of sustainability Javier Rodríguez Soler said: “With the BBVA-500 Intelligence Platform, we will have a front-row seat to the launch of new companies and disruptive trends in priority areas of BBVA’s strategy, such as sustainability. Innovation is needed now more than ever before to accelerate the transition to decarbonization and combat climate change.”
The newly launched platform has started its research in different countries and is fully operational.
500 Global head of corporate growth Vijay Rajendran said: “This decade is shaping up to be a special era led by organisations that can quickly adapt to a world that is data-oriented, decarbonizing and decentralising, and one that is creating new inclusive opportunities that are aligned with BBVA’s values.”
Last week, BBVA announced plans to launch a digital retail banking arm in Italy.
Earlier this year, the lender announced plans to reduce its headcount by 2,935 people through layoffs and voluntary terminations in Spain.
