SIX is to establish its fintech incubator and accelerator F10 in Spain, following on from its acquisition in June of a controlling interest in Spanish stock market operator BME.
F10 offers established banks and insurers the opportunity to future-proof their technology by working with startups. Since 2016, more than 100 banking and insurance tech startups from around the globe have completed the F10 Incubation Programme with a survival rate of 85%.
In January 2020 SIX successfully expanded F10 to Singapore, where the first Incubation Programme is currently taking place.
The move to Spain will see F10 set up location in Madrid and Barcelona and operations in Bilbao and Valencia, with the first cohort of startups expected to move to the programme in March 2021.
F10 already supports Spanish talent in the form of BlackGull, a fintech startup in its current Incubation Programme in Zurich.
F10 co-founder Andreas Iten comments: “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.”