Spanish bank BBVA has acquired big data startup Madiva Soluciones, as the lender continues to invest in innovative technology firms.

Madrid-based firm Madiva Soluciones specialises in using big data analytics tools to process unstructured data, bringing together large volumes of financial data from a variety of sources. 

© iStock/Tupongato
© iStock/Tupongato

It claims that its services help customers to reduce the time taken to complete certain processes in hours rather than months, such as valuations of large properties.

The company will continue to operate independently, following the acquisition for an undisclosed fee.

"Big data is an area of great potential for BBVA and Madiva strengthens our capabilities from day one," said Carlos Torres Vila, head of Digital Banking at BBVA.

"Without a doubt Madiva will contribute to developing an improved offering for our clients."

The acquisition follows the buy-out of American online banking startup Simple in February, and is an indication of BBVA’s willingness to incorporate innovative digital companies into its business model.

This strategy has included creating startup competitions to engage with new digital-focused firms across the world, with UK firms FinGenius, Aire, TransferGo, ClauseMatch and ETFmatic selected as finalists in its Open Talent 2014 contest.

The bank has also reshaped its internal structure to encourage innovation within the business. This involved the creation of a new Digital Banking division earlier this year, headed up by Torres Vila, aimed at adopting an improved development culture.