Swiss exchange operator SIX is to establish its fintech incubator and accelerator F10 in Spain, following on from its acquisition of Bolsas y Mercados Españoles (BME) this summer.
The plan is to set up locations in Barcelona and Madrid as well as operations in Bilbao and Valencia, with the first cohort of startups expected to move to the programme in March 2021.
The aim is to enhance mobility of high-quality start-ups between Spain, Switzerland and Singapore and further support the long-term fintech strategy of these countries. It is looking for local corporations and investors to participate.
According to SIX, F10 offers established banks and insurers the opportunity to future-proof their technology by working with startups in fintech, regtech, insurtech and deeptech.
Since 2016, more than 100 banking and insurance tech startups from around the globe have completed the F10 incubation programme.
F10 already supports a Spanish firm iBlackGull, a fintech startup for small to medium sized entreprisres in internationak trade.
Jos Dijsselhof, SIX CEO and Chairman of BME, said, “We are here to deliver on our promises. The installation of F10 shows our commitment to strengthen the Spanish market and to enable startups with strong potential to gain access to our organization and global network.”
He added, “This is only the first step to become more ambitious and innovative as a combined group, investing in opportunities that would have been unavailable to the separate entities.”
F10 co-founder commented, “We see great potential in the Spanish financial sector due to the recent growth in tech startup investment, an abundance of highly skilled game changers, and the innovation-oriented mindset of its established businesses. The progression of the Agenda España Digital and the increasing importance of digital business models in Spain offer ideal conditions for fintech innovation.”
SIX became Europe’s third largest stock exchange operator by revenues after completing a €2.57 bn takoever of BME, setting the scene for further expansion across its different business divisions.