Spanish banking group BBVA and fintech-focused venture capital firm Anthemis have teamed up to launch a joint venture builder for London fintech startups, beginning with the development of a startup studio.
The partnership hopes to find top London startups that can create the next big technologically-innovative products in financial services, deploying capital and resources to help them achieve their goal.
Startups will be invited to join the accelerator from early to seed-stage of development, with BBVA and Anthemis set to explore backing the companies in future equity rounds.
BBVA is best known in the space for being a majority stakeholder in challenger bank Atom Bank, of which it owns 39 per cent. and for backing the likes of Trussle and Coinbase through its venture capital fund Propel.
Anthemis has previously backed popular London fintechs such as Flux, Tide, Monese and Etoro.
The news comes as Anthemis chief executive Nadeem Sheikh left the firm in June, after an internal review was triggered following a sexual harassment complaint against him by a female employee.