Technology start-ups are now able to enter the funding competition run by financial technology organisation Next Bank and the BBVA banking group.

The BBVA Open Talent start-up competition aims to find the start-ups with the "strongest potential to impact and transform the financial services and related industries in Europe and the Americas".

The competition has two categories, New Banking, focused solely on fintech start-ups, and Digital Life, dedicated to general innovative technology-based start-ups.

Technology start-ups invited to enter are those who are product-ready, not more than four years old, who have had no more than 1.5 million Euro (£1.3 million) in funding over the last 12 months, and who have no more than 1 million Euro annual revenues. The winners of regional competitions will each receive 30,000 Euro to develop a project in collaboration with BBVA.

In addition, Next Bank and BBVA Open Talent will help launch 13 start-ups globally, taking them to New York for a week-long acceleration programme, NYC Crash Acceleration. In New York their businesses will be put on the global stage in front of potential investors, strategic partners, mentors and advisors.

Fermin Bueno, managing partner at Next Bank, said: "The global economic crisis has been a wake up call for technology disruption in financial services - a sector where innovation hasn't grown in line with its revenues, and whose consumers are becoming much more demanding.

"We look forward to seeing how start-ups will apply new exciting technologies such as social, mobile and big data to fill this gap and be part of the industry transformation."

For the competition start-ups need to complete an online application form, with applications accepted until 10 June.