Fintech refers to software and other modern technologies used by companies that provide automated and enhanced financial services. Fintech in our daily lives are mobile payment applications, cryptocurrencies, and Blockchain such as Bitcoin and Gemini. In the future, the FinTech Services suite is expected to further transform the market using artificial intelligence and machine learning and make FinTech products an integral part of our digital lives.
Several circumstances have led to the fintech boom in Spain recently. Traditional financial institutions and small businesses are undergoing a digital transformation, investing heavily in new technologies that help reduce costs and improve operational efficiency. Spain joins the UK and the Netherlands as few European countries to offer a protective regulatory environment. The Spanish Fintech and Insurtech Association (AEFI), whose main objective is to create an enabling environment for the development of Fintech and InsurTech companies in Spain, played a crucial role in lobbying for the approval of the regulatory protection mechanism.
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Here are 5 Spanish FinTech companies to watch out for in 2022:
Verse offers a payment platform that allows users to share payments easily, instantly, and without hidden fees. Verse is the payments technology platform that takes the friction out of storing, spending, and transferring money. The mobile app allows you to share payments easily and instantly and lets you choose whether your transactions are private or public to enjoy while keeping track of your financial activities.
Verse is available for Android and iOS phones, and transactions are completed in less than two business days. The company is headquartered in Barcelona, Spain.
Founded in 2012 in Barcelona, ID Finance is a financial technology company that offers cutting-edge technology, data science, and credit history. It aims to transform digital consumer finance in the European and Latin American markets.
ID Finance has more than 400 employees spread across its MoneyMan and Plazo branded operations in Spain, Brazil, and Mexico, with R&D located in Minsk, Belarus. Its scoring engine analyzes data, including behavioral biometrics, identifying deviations and increasing risk assessment efficiency by 50%.
Ibancar is a Fintech company that specializes in online lending to a customer base that is largely unbanked and has no access to traditional forms of credit. At Ibancar they want to be the national benchmark in auto loans as collateral. The commitment not to tow the vehicle, not to change ownership, and not to charge rental fees for its use has resulted in the provision of services to thousands of customers.
IBS Intelligence recently reported that Ibancar, the asset-based consumer credit platform, has signed its first corporate credit facility of up to €10 million. The business is expanding rapidly in Spain and now plans to expand into Mexico and launch other auto-related credit products.
Unnax enables companies to securely access customers’ financial data. The company offers a suite of products that help solve common business problems and deliver better customer experiences through modern payment solutions, rich financial data, intelligent risk tools, and identity.
The technologies help businesses perform AML and KYC checks, access bank accounts, analyze bank statements, transfer funds, and process payments more intelligently. In the future, banking will be an API-based service open to all across platforms. Unnax is the glue that holds them together, leveraging open banking to deliver world-class fintech solutions.
Bnext is one of the first Spanish FinTech companies, a leading alternative to traditional banking. It makes it easier for people to control their money to live more freely and intelligently. Bnext claims to have around 300,000 active users and more than 100 million euros in monthly transactions. It operates in the European Union (EU) under an e-money license.
IBS Intelligence also reports that Paxful, a global peer-to-peer cryptocurrency marketplace, has announced a partnership with Bnext, the first new Spanish bank to challenge the traditional banking system.
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First published in GENTE DE LA SAFOR, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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