Population
47.4M
Online population
45.5M
Currency
EUR
Population - 47.4M
At the start of 2024, 81.7% of Spain’s population lived in urban centres, while 18.3% lived in rural areas.
Internet penetration - 96%
There were 45.5M internet users in Spain at the start of 2024
According to data from El Economista, published in April 2023, Spain is the third European country with the most FinTechs. In total, there are about 977 FinTechs in Spain, 68% of which are of Spanish origin.
Spain boasts a thriving FinTech scene, with the industry equally distributed between the country's two largest cities, Barcelona and Madrid. Of the 400 companies, almost all are based in these two cities. The champion of Spain's FinTech sector is AEFI – Asociación Española de FinTech. AEFI, whose mission is to establish a favorable environment for FinTech and Insurtech companies in Spain, currently has 186 members, each representing different financial trends within the FinTech ecosystem.
According to AEFI, 2024 will be an important year as the association is currently preparing the second edition of the White Paper on FinTech in Spain. This edition aims to update and extend the 2017 document by providing a framework of ideas and regulatory change proposals to boost FinTech operators' business activity. This endeavor is one of the association's most ambitious projects in the coming months, aiming to foster a favorable business environment for fintech operators in Spain.
Carlos Blanco, an entrepreneur and investor, updates his analysis predicting the next 20 Spanish startups likely to become unicorns. This forecast is based on the insights from major venture capital funds and business angels in Spain. Travetech companies Civitatis and Exoticca, along with FinTech company Red Points, are the top contenders in the 2024 classification, with potential to reach valuations over $1B.
Embat, a Spanish FinTech for real-time treasury management, has closed a financing round of €14.7M led by the international venture capital fund Creandum, with participation from Samaipata, 4Founders, and Venture Friends. This round also sees the addition of prominent business angels like Martin Blessing (former CEO of Commerzbank). With this Series A, the company aims to drive its international expansion.
There are.) 47 banks in Spain (as for April 2024) and 17 603 bank branches. ‘The Pulse of the Spanish Banking Sector’ reveals that, during the year, banking profitability by return on equity (ROE) reached 12.5%, a 4.5% increase from the previous period. Profits for the top half of the major 10 Spanish banks in their domestic business reached €13B, the highest figure in recent years. Spanish banks already achieved double-digit profitability in 2022, and is currently above the European average, which stands at 10.9%.
According to World Bank data, 98% of the population in Spain aged over 15 years has a checking account, indicating a very high level of banking usage in the country.