LICUOS selected as Finalist for Next Bank Madrid – Innotribe Startup Disrupt

LICUOS is pleased to announce that we have been selected as a finalist of Next Bank MadridInnotribe Startup Disrupt, honouring the company as one of the most promising financial technology and financial services startups in Spain and Portugal. On 25th June 2013, LICUOS will compete against 8 other startups to secure a place as a demo slot at the Sibos conference in Dubai in September.

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This year’s finalists are:

The event is supported by Wayra, a Latin American and European start-up funding firm created by Telefónica, as well as the IE Business School in Madrid. “The idea is to unlock some of the potential of Spain in financial services,” said Andrés Fontao, partner at Next Bank Madrid. “Spain has been the benchmark for innovation in financial services; the country leads in mobile payments. In Spain, anyone can start a financial services firm in their garage. That’s a threat to the traditional players – and the banks are trying to get as close as they can to the action.”

Fermín Bueno, partner at Next Bank Madrid, said: “With its strong banking sector, Madrid has always been an important global hub for innovation in financial services. Spanish retail banks were the first to introduce mobile banking to its clients in the early 2000s. What few know is that Madrid also has a very vibrant scene of fintech startups. We want to support the startups that have the potential to transform the entire financial services industry.”

According to Matteo Rizzi, co-founder at Innotribe, “when we did the Innotribe Start-up Challenge, we found that only two of the 250 applicants were from the Spanish/Portuguese speaking countries. Some 60 firms have applied for this Next Bank Madrid event. If we can ensure the quality of the start-ups and the process, the plan is to do five more events in Latin America.”

Iker de los Ríos, CEO at LICUOS said “one of these Spanish speaking startups that applied to the Innotribe Start-up Challenge was LICUOS which was selected as a semi-finalist of the Innotribe Startup Challenge.” LICUOS is a global business-to-business payment platform where businesses can compensate and pay their commercial debts. The platform provides netting, payment and funding services for accounts receivable and payable for businesses, allowing them to reduce their dependence on the traditional banking system alternatives so that they can significantly improve their working capital and cash flow management. By applying our solution, businesses from all economic sectors and sizes, including public administration and nonprofit, will achieve an important reduction in their funding needs and credit risk exposure.

We’d like to thank Next Bank Madrid, SWIFT Innotribe, BBVA, Accenture and ThoughtWorks and the other Next Bank Madrid Partners for making the event possible.

For further information about Next Bank Madrid, please visit: http://www.nextbankmadrid.com/ or follow @NextBankMadrid on Twitter.

For more information in English about this event, check out “Disruptive” Spanish and Portuguese start-ups to showcase talent in Madrid” by Elliott Holley, senior staff writer on Banking Technology at http://www.bankingtech.com.

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