The 2008 crisis caused a very large part of the population to lose confidence in traditional banking. Until then, great giants like Caixabank or Banc Sabadell stood as the benchmarks for managing people's finances. At that moment, however, a gap opened up that some companies took advantage of to present their financial products. The main difference was their technological base and their proximity to the client due to the small size of the companies. The so-called fintech burst strongly into an ecosystem that had always been led by traditional banks. To date, these companies have been growing and consolidating, however, they have never managed to replace the great titans. Now, they share spaces, collaborate on projects, and row together towards a more innovative financial future.
Within the framework of the first edition of the Barcelona Innovation Finance Forum, organized by the Barcelona Finance Cluster at the Barcelona Stock Exchange building, almost a dozen fintech companies have taken the stage to remind that they continue to be the biggest carriers of innovation in the finance sector, despite having a harder time obtaining capital, licenses, and client trust. It seems that in 2008 banks lost momentum, but they have never ceased to be the preferred choice for people. The situation, however, has not stopped the growth of this type of company. In Catalonia alone, the fintech ecosystem globally invoiced 221 million euros in 2024, a 60% increase compared to the previous year, when they collectively totaled 137 million. Thus, these companies have found their market segment, have stopped competing with banks, and have managed to see their weaknesses, manage them, and present products that make people's lives easier.
Its main asset —which differentiates them from traditional banks— is technology. The arrival of smartphones, globalization, and the need to carry out procedures online made companies born from digitalization the preferred choice of the general public. New generations will not go to the ATM, nor will they make an appointment to manage a loan. In the modern era, a company that can grant loans in a matter of seconds, manage finances, invest, or even help you send money to the other side of the planet, moves up positions in terms of financial products. The ease and simplification of processes have also become a masterstroke for fintechs. Even traditional banks have seen this clear advantage in digitalization, and all of them have their own mobile application. However, the strength of innovation and technology is maintained by fintechs, with innovative proposals that are beginning to interest traditional banking, to the point of creating links and spaces for collaboration.
Eight fintechs on the radar
The companies presented at the Barcelona Innovation Finance Forum have managed to succeed worldwide due to their diversity of products, simplicity of processes, and innovative ideas. SeQura allows customers to buy now and pay later, or split the price into installments, both in online and physical stores. InbestMe is an automatic investment manager. In this sense, the client explains how much risk they want to assume, and the company invests the money in indexed and diversified funds, under the supervision of the CNMV. Kintai quickly provides money to small businesses and freelancers, advancing them part of what they will collect from future sales. Stamp makes it easier for tourists from outside the EU to recover VAT. The company handles the paperwork, and the discount for the client is practically immediate, without the need for the store to assume any risk. Powens connects applications with its users' bank accounts, always with their permission, and also automatically collects invoices. Thunes is a network for sending money from one country to another, especially to emerging countries. Kalipso helps financial companies comply with laws, monitoring regulatory changes and converting them into concrete tasks. Finally, Mifundo helps maintain a person's credit history when they move to another European country.
Not all of them are related to traditional banks, but there are some collaborations that demonstrate the coexistence of this new financial ecosystem. Powens signed a partnership with Memo Bank, an independent French bank, and serves more than 230 financial services players. Thunes formed an alliance with the Commercial Bank of Dubai for real-time international transfers, and has a direct connection that allows card payments to customers of 79 major banks in China. Mifundo offers European banks credit data from other countries so that credit histories can travel from one country to another. Kalipso's clients include the French public financial group Groupe Caisse des Dépôts and the installment payment company Alma. SeQura, despite not providing services to banks, secured a financing agreement of 150 Million euros with Citi, the American multinational investment banking and financial services company.
The Revolut revolution
The paradigm of fintech is explained by the success of Revolut. Although this type of company has never replaced traditional banking, but rather has given it the impetus of digitalization and competes in some segments, there are still technology-based financial companies that have managed to carve out a space alongside the titans of banking. Revolut emerged from a customer's weariness. Nikolay Storonsky, founder of the company, grew tired of the currency exchange fees of traditional banks. The company started with cards and commission-free currency exchange for travelers, but over time it has become a financial superapp with accounts, payments, investment, cryptocurrencies, subscriptions and loans, for individuals and businesses. "The key is to give unique products to your customers," specified the company's Spain CEO Santi Perez, during the financial forum of the Barcelona Finance Cluster.
In short, fintech arrived after a financial crisis and have managed to stay, not all as an alternative, but as a complement to traditional banking. The impact of technology has given them the place they sought in the financial sector and more and more people trust these startups to carry out transactions. The agility, simplification and modernization of all processes has served as a lever for banks to raise their bet on innovation, but their ability to attract and retain talent has made them the main drivers of growth in innovation in the financial sector. Thus, fintech have not only transformed the way financial services are understood, but have also contributed to redefining the future of the entire sector.