This month the Finnovating platform for Matching as a Service is launching the new map of the fintech sector in Spain. This was reported to Cointelegraph in Spanish through a statement.
As in previous years, the aim of this map is to give visibility to all companies that are part of the country’s digital financial ecosystem, as well as those who have already joined the Finnovating platform, which will be operational from May this year?
On the other hand, they stated that currently The fintech industry in Spain creates more than 12,000 direct technological jobs with high digital skillsand that number is expected to multiply in the near future.
Despite the uncertainty that Covid-19 creates in the business field, we can confirm that the sector is growing day by day and is in very good health, as four out of five jobs created in the financial sector are directly related to fintech, Innovation and technology. According to the 2021 fintech map, the sector has 463 companies operating in Spain, with a growth of 15% over the last year, they added.
The fastest growing industries
As can be seen from the card presented by Finnovating, In 2020, the number of business start-ups has increased dramatically, and more than 15% of fintech companies are represented in the ecosystem.
The vertical leadership of this scenario is that of WealthTech with 170 companies. As they declared This is due to three main events: • The boom in cryptocurrencies and their use due to the emergence of new investment models for assets of all kinds, as well as the maturation of PFMs or digital financial advisors, and finally, due to the birth of new B2B digital solutions that affect investment management and the Changing the private banking industry.
The lending industry is one of the industries that traditionally has the most FinTech lending, and today one in five Fintech loans is a loan. It has shown significant growth of more than 15% from 12 months earlier. The emergence of new innovative credit models such as income-related financing or salary advances as well as new innovative methods of reducing credit risk and the digital distribution of credit have contributed to this.
On the other hand, The industry that grew the most in percentage terms was payments, with a growth of almost 20% compared to the card a year ago. This activity has traditionally been one of the most numerous and is also growing the fastest in regions such as Latin America.
The Spanish fintech in the world
Indeed, Spain can boast of positioning itself as the fourth country in Europe for fintech investments after Germany, Sweden and France. In 2019, the global fintech sector raised nearly $ 40,000 million in capital, and according to preliminary 2020 data, they were very similar despite the pandemic and economic crisis.
“In Spain, although we are still far from the level of investment that it should have, there has been significant growth from 245 million euros in 2019 to 300 million in 2020, 20% more in the last 12 months”, in highlighted in the statement.
More than 600 fintech activities
Many of the fintech companies on the map have different activities in their industries. These activities can correspond to multiple verticals, making their multi-vertical placement on a map nearly impossible.
There are more than 50 activities in the payments industry, which could include financial advisory, payments, and credit companies. In fact, more than 600 individual activities developed by fintech companies have been counted today.
Finnovating has created a platform on which all fintech companies in the world are localized for their various activities, because although some only have one activity, more and more companies are seen with up to six and seven at the same time, which is what every company is doing to that it is getting more and more complex to understand how this complex ecosystem of financial innovation is evolving.
In the Matching as a Service platform you can not only get in touch with more than 50,000 fintechs, 10,000 companies and 5,000 investors to promote digital transformation based on open innovation, both in Spain and in the rest of the US world, but it will be possible to filter all these companies with more than 600 fintech activities, ”they emphasized.
The Fintech Card 2021
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