A global guide to the SMB market for fintech and financial service providers


Read on to learn about:

• The size and composition of the small business market in Spain
• The fintech ecosystem and regulatory environment
• The top financial platforms in the region

The market at a glance

Size & make up of the market

The SMB sector is very large, but there is a concentration of unproductive micro businesses. The government has set in progress a digitization plan for SMBs, which is proving popular.

International trade

Spanish SMBs are more active importers and exporters than other OECD SMBs. 51% export, 49% import.

Most popular financial software

WooCommerce dominates the eCommerce market in Spain, while Contasol, which has cloud and desktop options, narrowly leads the accounting market.

The fintech ecosystem

Traditional banks are largely welcoming of the fintech sector. However, until recently, there have been few 100% fintech businesses, as most are tied to traditional banks.

Top financial software platforms


1.9M Spanish SMBs have specialist bookkeeping or ERP software


of Spanish SMBs use spreadsheets in place of accounting software


fully outsource bookkeeping to accountants

SMB tech readiness and the fintech ecosystem

Tech readiness and regulatory environment

Adoption of high speed internet and eCommerce by SMBs in Spain is relatively advanced compared to other OECD nations.

Spain passed a law in September 2022 to mandate electronic invoicing between all businesses, which will likely result in a surge in the use of electronic billing and payment systems. SMBs with under €‎8M revenue will have 2 years to comply from when technical specifications are published (expected Q1 2023).

Fintech ecosystem

The fintech ecosystem in Spain is less mature than in leading European nations like the UK, Sweden, and Germany. Spain ranks #16 out of 83 in Findexable's global index of the strength of fintech ecosystems and 10th in Europe.

As of September 2021, there were 376 fintech companies operating in Spain with the largest proportion in tax & accounting and lending.