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.
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).
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.