The fintech industry takes off in Spain: It grows 15% annually

Spain is consolidated as the key country for fintech, according to a study by Deusto Formation. According to this firm, 2020 has been a turning point for the sector, becoming the sixth largest alternative financing market in Europe, with an annual increase of 15%.

Spain concentrates up to 463 companies of this type that operate in our country, according to data from Finnovating, a world reference platform in Fintech. In fact, a BBVA report maintains that last year fintech companies moved 60 million euros in the country, the majority from small and medium-sized financial companies that try to contribute new ideas to the sector, and reformulate the provision of services through mobile applications or big data.

“It is a sector in continuous innovation, and a job opportunity for entrepreneurs who generate value to the industry”, say sources from Deusto Formación, an online continuous training center specialized in business training programs and new technologies, and which currently teaches the Advanced Course in Fintech, Blockchain and Digital Finance. “What users value most are the transparency in the offer and the efficiency in the procedures.”

Up to 93% of these companies were started by groups of entrepreneurs, who wanted to democratize access to financial services. For this reason, the applications they develop are characterized by their usability and simplicity, this analysis maintains.

In this sense, Madrid is emerging as the epicenter of fintech in Spain. It is estimated that more than half of the companies have their tax domicile in the capital. The 10 Spanish fintech companies that lead the market Deusto Formación, through the Higher Course in Fintech, Blockchain and Digital Finance, presents 10 Spanish fintech companies that lead the market:

trees, crowdlending, which allows companies to finance themselves through loans from many people, without having to comply with the conditions of traditional loans. Bestaker, equity crowdfunding, allows the same project to be financed by several people with small donations. seizure, management of company expenses, whose clients are Toyota, Redbull, McDonalds, Telefónica or BBVA. Exacta Tax, invoicing and automatic accounting for freelancers. 5. Finanzarel, discount of invoices and promissory notes. Fintonic, financial aggregators, which received the Google award for the best finance app. Kantox, currency exchange and international payments for companies. Throw us, crowdfunding. Novicap, invoice discount. Zank, financing for individuals.

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