Types of Fintech Activities in Spain

The fintech industry in Spain, which refers to the companies that create new systems and applications for financial purposes, has been increasing in the last years. Specific sectors of the fintech industry, such as invoice factoring crowdfunding platforms and crowdfunding activities, have shown the highest growth at the level of 2016 (with revenues of EUR 120 million and EUR 43,5 million, respectively). The fintech sector in Spain developed at a rapid pace as the persons working in this industry have an extensive knowledge in the field. Our team of Spanish lawyers can assist investors with legal advice on the legislation regulating fintech operations. 

 

 

As a general rule, fintech activities refer to start-up companies which can benefit from various incentives to develop innovative products or services useful for the financial sector. Fintech consists in using New Information Technology and Communication for services such as crowdfunding or mobile payments. 

 

The following video offers a short presentation of the types of fintech activities developed in Spain: 

 

 

Investors who would like to start a company in Spain in this sector should know that the field is represented by the following activities: 

 

• payments;

• personal lending;

• peer to peer lending;

• forex;

• personal finances;

• crowdfunding;

• bitcoin;

• credit options for the e-commerce sector;

• investment tools;

• factoring and invoice. 

 

If at the level of 2013 Spain had only 50 fintech companies operating on the local market, in 2016 the Spanish fintech market accounted for more than 200 companies, which had a positive effect on the local employment that encountered numerous negative aspects following the economic crisis that affected European economies.

 

The Spanish Association for Fintech and Insurtech estimated that at the level of 2017, fintech companies will create approximately 10,000 jobs. Our team of lawyers in Spain can offer assistance on the employment regulations applicable here. 

 

Companies in Spain operating in the fintech sector are not regulated by a specific rule of law addressing to this field. However, the legislative framework was modified in 2015 (under the Law 5/2015) to establish provisions for crowdfunding activities (more specifically, for crowdfunding platforms). 

 

Businessmen can address to our law firm in Spain for in-depth information on the registration of a fintech company.