SnapSwap wins BBVA Open Talent Identity competition

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SnapSwap, a fintech startup developing innovative solutions for financial institutions and other businesses, won the ninth edition of the biggest international FinTech competition for startups, BBVA Open Talent Identity yesterday in Washington D.C.

The final of the competition was held at the K(NO)W Identity Conference, a three-day gathering of the world’s most influential organizations and smartest minds across all industries that have a stake in shaping the future of identity. More than 200 startups from all over the world applied to this competition, and 10 finalists were finally selected.

The startup has been granted a €30.000 prize, and will have the chance to integrate BBVA headquarters in Madrid for an immersion week. SnapSwap will work with the bank on integrating its Remote Onboarding solution to BBVA retail network in Europe, US and Latin America. BBVA Open Talent comprises five competitions where SnapSwap competed in the
identity category. The winners of these competitions will participate in the great final, BBVA Global Summit, seeking to become a BBVA Open Innovation Universe hero.

SnapSwap has pitched its “Remote Onboarding”, a unique fully automated solution to onboarding customers in compliance with anti-money laundering and “Know Your Customer” requirements remotely via a personal mobile device (a phone or a tablet) or on a personal computer. Integrated in a mobile app or an internet site, Remote Onboarding allows the verification of the customer’s identity, collection of KYC data, performance of due diligence and obtaining a legally binding electronic signature. The service is fully automated end-to-end and is available 24/7 at a fraction of the cost of manual onboarding.

“We are really grateful to the BBVA team for inviting us and giving us a chance to showcase our product on the stage with all of the other great startups here,” SnapSwap founder and Chief Executive Denis Kiselev told One World Identity after accepting the award Wednesday. “It’s a great opportunity for us.”

“The judges all agreed that SnapSwap is one of the most promising fintech startups in the world of identity,” said Head of Open Innovation and Open Talent for BBVA Marisol Menéndez. “SnapSwap has a solid team with a great deal of knowledge in compliance, and it has answered a common issue when it comes to identity, which is creating a compliant and convenient user identity verification experience. We’re excited to look for collaboration opportunities with them in the coming months.”