By George Baker White


As of April 2018, we have mapped out the FinTech market in Spain and we have amassed a total of 477 companies in the ecosystem. In their most broad definitions, there are 48 Proptech firms, 103 in Insurtech, and 327 within the confinements of other FinTech. Only 6 of these (3 in Insurtech, 3 in FinTech) have we found to be closing or recently shut down.


Within FinTech, we have defined 7 clear industries: Blockchain, Financial Infrastructure, Foreign Exchange, Investment, Lending, Payments, and Personal Finances & Accounting.


Lending leads the way in market size with 102 firms in this space. ID Finance particularly catches the eye in this sector, having received a $50 million debt investment from TransKapital Bank in 2017. These companies, from mini/microcredit companies, such as MoneyMan, to larger lenders such as ID Finance, are refining the lending market in favour of consumers & businesses to enhance their economic capabilities.


Investment follows behind with 79 companies, with Socios Invesores making a big impact, leading the collective financing sector with over 100 companies successfully funded through their platform. The rise in the availability of information through FinTech has been dramatic, with new financial advisors, Robo-advisors and many social media platforms available to aid all levels of investors.


New forms of payments seem a very popular phenomenon for millennials, and the ease of adoption and encouragement of new technology seems to attract this generation, with just under 70 firms. Rebellion card is such an example which will be beginning to take on users this summer, giving the user complete control of their finances through clear knowledge of payments in real time with immediate notifications from the App.


Personal Finances & Accounting is also a budding industry, with 43 companies seeking to improve the knowledge and ability of businesses and people to manage their money. Making accounting more accessible through companies such as Fintonic, named “The Amazon of Finance” by La Sexta, which has saved its 450,000 users over €13 million. This has given rise to a control of spending that reduces bankruptcy rates through alerts, mobile-accessible, simplified, accounting which encompasses modern-day Personal Finance Management (PFM).


Financial infrastructure (16), Blockchain (14), and Foreign Exchange (6) are relatively small sectors, with their own merits. Within financial infrastructure, firms like iCar are providing invaluable boosts in security, through visual ID verification, to the banking sector.


Blockchain, arguably the most exciting technology since the Internet, houses many cryptocurrencies such as Bitcoin, and with firms such as Bit2Me, it is easy and fast to buy such cryptocurrencies within Spain.


Finally, new foreign exchange FinTech companies are making it more viable to send money abroad without any large or hidden fees. RationalFX and a growing number of FinTech companies provide greater security through tracking where your money is abroad, and at a lower rate than the main banks.


After deep-diving into the Spanish FinTech sector, it is showing fantastic levels of growth, and the ecosystem is ever expanding and strengthening. The industries within FinTech are showing great utility for both B2B and B2C solutions, offering a new form of service to the consumer and opening up markets that the traditional system was not offering, with Lending leading the way.