Through BStartup, Banco Sabadell’s specialist business unit for seed-stage innovation and technology companies, the Bank is taking part, for the seventh consecutive year, in the current edition of South Summit. This global meeting on innovation, which brings together startups, investors and companies, takes place in Madrid from today until 4 October.
The Bank has provided funding amounting to more than €240 million to companies involved in innovation and technology over the last five years. It currently has more than 3,000 customers in this segment and provides them with services through specialist branches.
In the words of Yolanda Pérez, Director of BStartup, “the massive development of the financial ecosystem is not a constraint, rather it is an opportunity for traditional banks. Using different strategies and tools for innovation, we are actively collaborating with the technological ecosystem to promote both internal and external innovation”.
Banco Sabadell will take advantage of its participation at this event to showcase its Smart Innovation strategy, in which collaborative innovation with startups and investment funds plays an important role. Miguel Montes, Director General and COO of Banco Sabadell will lead a round table discussion in which the work of InnoCells, the Bank’s digital innovation hub and vehicle for strategic investments, will be illustrated with examples.
The panel will include a diverse range of players who will discuss how the Bank benefits and how it benefits others as a result of its collaboration with the ecosystem. Banco Sabadell will be accompanied by two startups that it has integrated into its operations in record time, thereby bringing added value to its customers: PayComet, a Spanish payments platform which offers advanced gateway services and which, less than one year after its acquisition, has been integrated into the Bank’s operations and is already providing services to its customers, and Nomo, a startup created from scratch in InnoCells, which offers a management tool for self-employed professionals and which has been successfully incorporated in the Bank’s range of products and services for self-employed customers. Another participant at the round table discussion will be Cardumen Capital, a Spanish-Israeli venture capital fund in which Sabadell invests, which facilitates access to cutting-edge technology in the Israeli market, where the Bank recently invested in a cyber-security startup.
Since the creation of BStartup in 2013, Banco Sabadell has incorporated 75 emerging companies in its portfolio thanks to its three investment vehicles: BStartup 10 for seed-stage, Sabadell Venture Capital for later stages and Innocells which is involved in Corporate Venturing and has completed the acquisition of 2 fintech companies, in addition to developing various startups from scratch internally.
