Seven Fintech companies are selected under the CaixaBank Fintech Program by Innsomnia
The pilot project will be developed by GK8, Bsurance, Onyze, Aquantum, Taiger, Smartbiometrik and Inspiration
The selection process has been carried out from the approach of innovative projects to respond to the different strategic challenges for CaixaBank.
These strategic challenges stand out to contribute to the Sustainable Development Goals (SDG), cybersecurity, the transformation of the banking operating model in real time, the strengthening of the customer relationship, competitiveness in an open banking model and the uptake of a corporative culture aligned with the technological transformation and new ways of working.
CaixaBank Fintech by Innsomnia is an open innovation program that started in 2016. This initiative is led by Innsomnia as specialized DIH leader in Fintech technologies and digitization. During the different editions of this program, more than 700 companies have taken part and more than 75 projects have been accelerated, from which around a 20 % were international (from more than 28 countries).
The chosen Fintech start-ups are GK8, Bsurance, Onyze, Aquantum, Taiger, Smartbiometrik and Inspiration-Q, all of them stand out for the use of cutting edge and disruptive technologies. They will have training sessions, workshops and specialized mentoring during 5 months and will develop pilots together with Caixabank.
- GK8 is a cybersecurity start-up from Israel that offers a comprehensive platform that supports and enhances the current and future strategy of the financial entity from a digital assets’ perspective.
- Bsurance is a start-up from Austria that offers a technological platform that contribute to the insurance digitisation in a simple way and in real time.
- Onyze, a start-up with its headquarters in Madrid, offers a digital asset infrastructure and custody solution for third-party companies. It allows financial institutions to develop services and products for crypto assets in a simple, agile way that complies with all regulatory requirements.
- Aquantum is a platform for the development and lifecycle of quantum software applications. This start-up based in Madrid offers tools, services and processes that enable the integration of hybrid-quantum / classical information systems.
- Taiger is a start-up based in Madrid that offers a solution for companies that guarantees the operating efficiency in internal processes that directly affect the customer experience and services offered by reducing document processing and maximizing human efforts in the company.
- Smartbiometrik, based in Seville, is a start-up specialized in facial biometrics and develops and commercializes technological tools that work in facial recognition that help companies in their digital transformation process.
- Inspiration-Q is a spin-off from CSIC (Superior Council of Scientific Investigations) that offers new solutions in optimization, simulation and machine learning based in quantum algorithms that work in both quantum and ordinary computers.
Innsomnia will support these start-ups during all the program, as well as they will count on external companies specialized in Fintech and people from CaixaBank’s executive board.
The financial entity will evaluate the start-ups progress and they will analyse and identify possible new use cases. Furthermore, the program includes the support and co-work in order to help them in the development of a useful and scalable PoC for the CaixaBank.
With this program, CaixaBank is committed with a collaboration scenario in which start-ups and Fintech work together through innovation development. This collaboration drives the start-ups and Fintech entities through a more agile and efficient innovation, as well as it accelerates the time since the idea arises until its production starts, allowing the talent identification.
Start-ups can, as well, collaborate with entities such as CaixaBank that allow them to grow fast. This collaboration scenario gives a chance to access a wide broad of valuable resources, i.e., approach a rich customer portfolio, have a large distribution channel, improve its brand positioning and gain visibility.
This is not the only program CaixaBank boosts, but the entity participates in collaboration with Fintech companies and start-ups in order to favour open innovation. Some examples are zone2boost, start4big and DayOne Open Innovation Program.