Inneürope connects Europe and Latin America through its Fintech Immersion Program

Inneürope, in collaboration with ATEFI (Latin American Association of Electronic Funds Transfer Service Operators), successfully concluded the Fintech Immersion Program. This four-day event brought together 20 prominent leaders, ATEFI members, and representatives from Latin American banks and payment operators (Telered Panamá, Unibanca (Peru), Tecban (Brazil), and 5B (Guatemala)) to explore collaboration opportunities within the fintech ecosystem and foster the exchange of knowledge and experiences to drive financial innovation.

The program offered four days filled with learning, connections, and inspiration, thanks to the participation of leading European and national hubs, top Spanish fintech companies, notable financial institutional representatives, fintech ecosystem leaders, and experts in areas such as payments, artificial intelligence, cybersecurity, and digital banking. These high-level contributors enriched the program and its participants with extensive knowledge, experiences, and valuable insights, significantly enhancing the initiative and opening new bridges of connection between both continents.

European Fintech Ecosystem and Collaboration

Francisco Estevan, founder of Inneürope, highlighted the key aspects of the European fintech ecosystem, revealing its dynamism and complexities: with over 10,500 innovative startups and scaleups, fintech companies in Europe raised $9.5 billion in 2023, focusing on sectors such as lending, blockchain, payments, and insurtech. 

In addition to this insightful session, Francisco Estevan led a workshop emphasizing the importance of open innovation as a strategic opportunity to accelerate the development of new ideas and disruptive solutions more economically and efficiently. This model allows corporations and startups to collaborate on a multidimensional level, from university to enterprise, seeking innovative solutions through a rigorous evaluation process culminating in the creation of minimum viable products (MVPs) and proofs of concept (PoCs). Such collaborations are essential to creating a dynamic and competitive environment that leverages market trends and emerging technologies like artificial intelligence and blockchain to foster growth and innovation in the fintech sector and beyond.

Both sessions not only provided high-level knowledge to ATEFI memers but also opened the door to generating potential synergies with the fintech companies presented during the program.

Connecting with Europe through Major Fintech Hubs

One of the most successful sessions was "Learning from the EU Fintech Ecosystem" featuring leaders and managers from four important European fintech hubs:

- Mickael Paris, Marketing Director of Fintech Scotland presented an overview of the Scottish fintech cluster, highlighting its creation in January 2018 as a joint public and private sector initiative. He emphasized the growth and diversification of the 222 fintech SMEs, mainly concentrated in Edinburgh and Glasgow, which have raised £1.6 billion in investments and employ over 10,500 people. Paris stressed the focus on scalability, with 38% of the fintech in expansion phases, and the importance of collaboration, innovation, and inclusion to establish Scotland as a leader in the fintech sector.

- Raquel Nogueira, Fintech Report Manager of Portugal Fintech, presented the landscape of the Portuguese fintech ecosystem. She explained how the combination of local talent and favorable policies creates a conducive environment for innovation. Raquel also highlighted incubation and acceleration programs helping startups scale their operations and cited examples of effective collaboration between fintechs and traditional banks in Portugal, resulting in innovative financial solutions.

- Liam Cronin, CEO of RDI Hub, presented a comprehensive report on the fintech ecosystem in Ireland, highlighting the strength of the country's financial services and its burgeoning fintech industry. He emphasized a dynamic startup ecosystem, supported by multiple initiatives. He explained that Ireland has 72 authorized and registered fintech, focusing on key areas such as mobile payments, digital banking, open banking and blockchain. Additionally, he noted that RDI Hub has driven the creation of 250 jobs and the development of 29 new products and services, demonstrating the effectiveness of its public-private partnership vision and its significant impact on the southwest of Ireland.

- Ola Sundell, Founder of Helsinki Fintech Farm, provided insights into the Finnish fintech ecosystem, highlighting innovations in mobile payments and cutting-edge technologies emerging from Helsinki Fintech Farm. Sundell also shared examples of Finnish fintechs collaborating with banks and other financial institutions to develop solutions addressing specific market challenges.

This session provided participants with valuable ideas for strategic planning and developing their fintech projects. The insights shared by the four experts helped attendees better understand the dynamics of the European market and identify opportunities for collaboration and innovation. It served as a source of inspiration and a catalyst for growth and success in the dynamic world of fintech.

Connecting with Valencia, Barcelona, and Madrid Ecosystems

The program also featured participation from prominent leaders in innovation, entrepreneurship, and fintech from three strategic nodes: Valencia, Barcelona, and Madrid:

- From Valencia, Lucía Calabria, Deputy Director of Entrepreneurship at Las Naves Centre d'Innovación, inaugurated the program at La Harinera and presented the Valencia Innovation Capital initiative, promoted by the Ajuntament de València to foster innovation and establish a collaborative ecosystem between the public and private sectors.

- Representing Catalonia, Clemens Rychlik, co-founder of BCN Fintech, led a discussion with Francisco Estevan on fintech trends for 2024. This discussion generated a rich debate on the fintech ecosystems of Valencia, Catalonia, and Latin America. Rychlik also outlined initiatives driven by Barcelona Fintech to strengthen the sector.

- From Madrid, a session was organized in collaboration with MadFinTech (Madrid Capital Fintech Cluster) at Madrid Investment Attraction facilities. Attendees learned firsthand about Madrid’s strategy and initiatives, presented by Salvador Molina, president of the cluster and founder of Foro EcoFin and Foro Ibérico InsurTech, and Covadonga del Álamo, Public Affairs Officer. The session also featured innovative solutions from the cluster, including SleepZZone, React, Arcopay, and StarPay.

These encounters underscore our vision that collaboration and knowledge exchange are fundamental to the growth and development of the fintech and innovation ecosystem in Spain, highlighting the importance of joining forces and creating synergies to achieve greater accomplishments.

12 Spanish Fintech Top

During the sessions in Valencia and Madrid, ATEFI members had the opportunity to get to know twelve fintech companies making waves not only in the Spanish market but also globally, thanks to their technological innovations and ability to offer advanced and efficient financial solutions: AURA PAY, COINSCRAP FINANCE, CROWMIE, DEVENGO, GAMCO, INESPAY, NATIVE TEAMS, PIBISI, RENAISS AI, SHARPEI, UELZ, VIEWAPP.

Women Leadership in Fintech

The program also had the privilege of featuring an exceptional fintech journalist, Rosa Del Blanco, and four extraordinary women recognized in the fintech ecosystem both nationally and internationally and experts in cybersecurity, blockchain, quantum computing, AI, cryptocurrencies, and digital banking: Gabriela Orille, investor and advisory board member of Ubicuity, Onyze, and Nomade Nation; Gabriela Roberto Baró, co-founder of Agrotoken, Nash21 and BeLocal; Pilar Troncoso, CRO of QCentroid, founder of OARO, IDBOTIC, and Aidea - SaaS of Generative AI Automation; and Marta de Zavala, founder and CEO of Cysuite Group.

During the roundtable, they shared how they are driving innovation and promoting change. The discussion was filled with reflection and inspiration, leaving valuable ideas about the sector's future:

- Gabriela Orille: "The need for immediacy and specialization at the intersection of fintech and insurtech."
- Gabriela Roberto Baró: "The future is now, let’s start today!"
- Pilar Troncoso: "It’s important to communicate with knowledge, as our words and actions have consequences."
- Marta de Zavala: "Sustainable innovation requires both digital and physical immersion, as people shape society."

Partner and Fintech driver

The program also featured collaboration with Banco Santander, hosting one of the sessions at the Santander WorkCafe in Valencia. This space, conceived as a meeting point for entrepreneurs and innovators, provided the ideal environment for an immersion day with ATEFI members.

Participants were welcomed by Jesús Ferrer, Director of Santander WorkCafe Valencia, and Rosa Sánchez, Head of Startups for Valencia-Murcia. Ferrer highlighted the importance of creating a conducive environment for developing ideas and projects, emphasizing how the WorkCafe facilitates collaboration and knowledge exchange. Rosa Sánchez detailed the opportunities offered by the Santander Startups Program, including funding, mentorship, and networking, designed to cover all stages of business development.

Meeting with Institutional Leaders of the Spanish and European Financial Sector

During the sessions, participants also had the opportunity to meet with prominent institutional representatives from the financial sector. These meetings provided a comprehensive view of the strategies and projects shaping the future of finance at both national and European levels.

- European Commission. Alice Guedel, Directorate-General for Financial Stability, Financial Services, and Capital Markets Union Digital Finance of the European Commission, presented the “Digital Finance Platform” and offered a detailed overview of its functionality and benefits, highlighting its potential to transform the European financial landscape through the integration of advanced digital solutions.

- Banco de España. Participants also visited the Banco de España. Besides marveling at the building’s architecture, they had the opportunity to interact with the bank’s innovation facilitators. They learned firsthand about initiatives being implemented to foster innovation in the Spanish financial sector, such as the regulatory sandbox, which allows testing new technologies in a controlled environment.

- Instituto Valenciano de Finanzas (IVF). At the Instituto Valenciano de Finanzas (IVF) of the Generalitat Valenciana, Enrique Montes, Director General of the IVF, and his team, including Inmaculada Bea, Head of the Originations Department; José Alcantud, Head of the Legal Sub-directorate; and Juan Falcó, Head of the Structured Finance and Markets Department, provided a detailed explanation of the organization's operations. They highlighted the fundamental role of the IVF in supporting the Valencian business sector financially, promoting regional economic development through various initiatives and programs. Additionally, they presented examples of some of the most innovative national fintech companies that have received their support.

Conclusion

The Inneürope Fintech Immersion Program, in collaboration with ATEFI, has been a crucial bridge for connecting the fintech ecosystems of Europe and Latin America. Over these four days, key synergies were created between industry leaders, financial institutions, and startups from both continents. The active participation and collaboration of leading European fintech hubs and some of the best Spanish fintech companies, along with sector leaders and experts in emerging technologies, provided mutual enrichment and opened new collaboration opportunities.

Francisco Estevan, founder of Inneürope , along with other experts, emphasized the importance of agility, open innovation, and strategic collaboration as drivers for the evolution of the financial sector. The sessions and workshops offered allowed participants to explore new ideas, learn from the successes of the European ecosystem, and adapt effective strategies to their own markets.

The involvement of leaders from fintech hubs in Scotland, Portugal, Ireland, and Finland, as well as from the main fintech nodes in Valencia, Barcelona, and Madrid, provided a broad and detailed perspective of the dynamic European ecosystem. Additionally, meetings with financial institutions such as the Banco de España and the Instituto Valenciano de Finanzas reinforced the understanding of regulatory strategies and support for innovation in the financial sector.

The inclusion of prominent female leaders in fintech and the exploration of emerging technologies like blockchain and quantum computing highlighted the importance of diversity and cutting-edge technology for the future of the sector. Discussions on market trends and the integration of fintech and insurtech provided participants with valuable tools to stay competitive and adaptive.

In summary, this program has laid the foundation for future collaborations and strengthened the ties between Europe and Latin America. Special thanks to ATEFI and all participants for their trust and enthusiasm. We look forward to the next edition to continue building the future of finance together.

See you at the next edition!