Are you looking for a fintech EU regulator to secure your operations in the EEA region? Why not Spain?
Fintech sector growth in Spain
Spain became one of the most active financial services ecosystems in Europe – it has a vast experience in PSPs authorisations, offers tax exemptions to lower business costs as well as some additional benefits compared with other jurisdictions. The Spanish market is a highly developed payment market with great perspectives.
According to the latest Fintech Radar report by Finnovista, the number of Spanish fintechs increased by 16% in 2019. The fintech sector in Spain showed sustainable growth in recent years in both the number of companies and attracted private investments. Now the Spanish financial technology ecosystem is gaining strength and there are nearly 400 financial services startups with a dramatic increase from 50 fintechs reported just five years ago. In fact, fintech firms raised 192.93 million euros in 2019.
The number of issued E-money and Payment Institutions licenses in Spain
According to European Central Bank data, in 2019, a record number of 50 companies received Payment Institution licenses in Spain, thus taking the first place in the EEA & UK area and overtaking the British regulator FCA by 2 licenses. For Electronic money licenses, Spain takes 4th place in the EU & UK area after Great Britain, Lithuania, and Ireland. These figures show Spain’s Rise as a Fintech Hub. According to Findexable’s the Global Fintech Index 2020, Spain takes 13th place in Fintech Global ranking.
Spain launches a regulatory “sandbox” for fintech companies
Spain actively works on fintech industry development and plans to launch a regulatory “sandbox” for financial technology companies. It will be a trial and error testing space, where financial technology projects can be undertaken with real clients without compromising financial regulation. It is expected to launch the sandbox in 2020.
Read our article about how to obtain a license in Spain here.
Advapay is a technology company providing the Digital Core Banking platform to empower fintech clients or digital banks to start their businesses and accelerate digital transformation. The platform delivers all essential functionalities, a front-to-back system and a set of tools to customise and bring new integrations. With Advapay, potential and existing customers can connect either to the cloud-based SaaS or on-premise software. Besides the technical infrastructure, the company provides business advisory and fintech licensing services. Interested to learn more, please drop us a message.
