BBVA snaps up big data start-up Madiva

Spanish banking major BBVA has acquired Madiva Soluciones, a Madrid-based startup that provides services using big data and cloud computing.

BBVA snaps up big data start-up Madiva

Spanish banking major BBVA has acquired Madiva Soluciones, a Madrid-based startup that provides services using big data and cloud computing.

Madiva, which was founded in late 2008, reached profitability within its first year. It works with companies in sectors such as insurance, banking, real estate or consulting.

Its services include processing unstructured data and high volumes of information available on the Internet, which it then compares and matches with other sources.

Commenting on the deal, BBVA head of digital banking Carlos Torres Vila said: “Big data is an area of great potential for BBVA and Madiva strengthens our capabilities from day one.

Madiva will continue operating as an independent company.

“Without a doubt Madiva will contribute to developing an improved offering for our clients,” he added.

BBVA’s Madiva’s acquisition follows that of US-based neo-bank Simple last February.