What does the concept Fintech mean?
Finance + Technology. It is the union of both concepts that brings together all financial services companies that use last technologies to offer innovative financial products and services.
Traditional sector of finance is becoming obsolete and this situation is strengthening the Fintech companies exponentially. They are changing the traditional finance industry.
Fintech companies are intermediaries in multiple aspects within the finance world: money transfer, loans, purchase and sale of titles values or financial and investment advices, as an example of the big range of areas.
They emerged as a result of the big crisis caused by the collapse of the big investment bank Lehman Brothers. Although their beginning has faced some troubles due to the mistrust of people during the crisis, as financial regulations are being approved by governments Fintech companies are growing non-stop. All this accompanied by the emergence of new technologies through Internet, especially the ICT (Information and communications technology).
Big impact of Fintech companies and the intervention of Fintech Incubators
Around 15.000 fintech companies are operating in the world. In 2015 they received an investment of 22.300 millions of dollar. However, the financial sector participated just in a 10% of this investment.
In Spain, there are 128 fintech companies approximately. At the close of 2016, it’s possible that this number raises until 200 or more. In terms of investment, last year they reached 130 millions of euro. This data is increasing year by year.
This data is a credible signal to understand the take-off that fintech companies are experimenting. And banks are aware of the importance of collaboration with these innovative start-ups that keep growing. A good example is the new initiative in Spain.
First Fintech incubator in Spain
Bankia Fintech by Insonmia is a project sponsored by BANKIA and managed by INNSOMNIA in order to boost the fintech sector innovation, throughout the implementation of an incubator and acceleration programme for projects in their initial phase of development.
The main objective of the programme is to help those projects to grow and consolidate thanks to an innovative incubation and Acceleration program, combining training and mentoring with search for funding and networking services as well as participation in European programs.
For more information about the project and the program they offer, check out the website HERE.