Spanish banking group Banco Santander has joined forces with business accelerator Endeavor to identify and support Mexico’s prospective technology startups focused on developing innovative digital payment solutions.
Technology companies developing solutions for e-commerce or bricks and mortar stores can also seek a chance to participate in the program known as Radar Santander. Startups will be chosen after a thorough evaluation of their business model and the kind of technology solutions they are trying to develop.
“We are going to select companies that want to grow, with entrepreneurial DNA, that seek to innovate in the financial market,” Endeavor stated when it launched the program last year.
The last day for filing application is Friday, July 27, 2018. After reviewing the applications, the accelerator will select around a dozen companies for the training program. Then the entrepreneurs will pitch their business to Endeavor network members and Santander executives.
The best startups will be invited to collaborate with Santander in developing payment solutions. The Spanish bank has promised to keep its digital factory open for such startups and provide all the support it can.
Despite being a bank initiative, non-fintech companies willing to change the way people deal with banking services can also participate in the program.
Unlike other models of acceleration programs, the bank does not require entrepreneurs to give a share in the ownership of startups, nor is it asking a share in the commercial use of product they develop.