Business opportunity
Market area:
Industry:

Fintech soars in Spain

12.09.2017
Fintech is still a fairly new topic in Spain but has shown promising growth despite the financial crisis.
Due to the financial crisis, Spain has lagged behind compared to other countries (e.g. UK) in the Fintech industry. For now, banks have a dominant position in Spain, but they have been affected by the emergence of new competition. Local financial institutions have set up Fintech-focused ventures and new start-ups are appearing.

During the past few years, Fintech in Spain has grown at a rapid pace. In just three years, the sector has grown a whopping 400 %. At the same time, Barcelona has been gaining a reputation as a potential Fintech hub, especially in the aftermath of Brexit.

There are currently slightly over 200 Fintech companies in Spain and it is expected that this figure will double by the end of 2018. Furthermore, the sector raised more than 250 million euros in investments in 2016. Meanwhile, nearly 70 % of Spanish consumers already use various Fintech services.

Nevertheless, some challenges remain. Firstly, Spain is a cash-oriented country, although this is changing. In 2016, card payments exceeded cash withdrawals for the first time in Spanish history. Secondly, the regulatory framework is still in making and there is a lot of bureaucracy in the sector.

Where Finnish offering fits?

  • Payments P2P
  • Data aggregators
  • Blockchain
  • Loans
  • Cloud computing
  • Cybersecurity
  • Payment methods
  • APIs

More information about this opportunity:

Pablo Sanz

Senior Advisor

Pablo.sanz@finpro.fi


Average (0 Votes)
No comments yet. Be the first.