BBVA Compass, a US-based subsidiary of Spain-headquartered financial services firm BBVA, is set to expand its BBVA Momentum accelerator in 2018 and will invite up to 35 startups to participate.
Formed in 2011, Momentum is a five-month scheme run by BBVA that allows entrepreneurs to use the corporate’s resources and expertise to grow while competing for a financial prize. They also receive coaching from staff at Austin’s McCombs School of Business.
The initiative first took part in the US in 2017 and consisted of 20 competitors. It is open to participants from Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas – the US states in which Compass operates – and has a top prize of $50,000.
Reymundo Ocañas, director of corporate responsibility and reputation for BBVA Compass, said: “We are opening up BBVA Momentum to our entire footprint this year after such a successful first year here in the US.
“BBVA Momentum is a force multiplier. With the training the social entrepreneurs get, the networking and the increased visibility, we are creating opportunities for them to extend their impact and influence on their communities.”