The financial automation platform for SMEs and consultancies Regate has chosen Barcelona as its first headquarters outside of France. With an initial investment of two million euros, it expects to have 40 employees and 1,000 clients in 2024 from its first headquarters in Spain.
The financial technology company is already operating from Ronda Sant Pere in the Catalan capital, and for now it does so with seven employees, as detailed by the country manager of Regate Spain, Sanziana Gheorghiu. She explained that the company has chosen Barcelona for its expansion "out of affection and for the business past" of its founders, who previously had another company that also had a headquarters in the city.
"Many FinTechs and many French technology companies set up in Barcelona. There is a more familiar French business environment than in other Spanish cities, as many French entrepreneurs settle in the city," commented Gheorghiu.
The company, which in its first three years has added more than 10,000 clients and 150 employees in France, has raised 27 million euros in financing rounds. Its objective is to simplify the work of financial departments of SMEs and consultancies, given the diversity of tools that traditionally must be used.
It intends to do so through the automation of supplier and customer invoicing. In addition, the company promotes bank reconciliation, payments, and expense and treasury management, and improves the collaboration of its financial and accounting tasks.
Regate aims to cover "the entire cycle of what a company needs to manage itself better"Thus, Regate was created to cover the needs of company accountants, and covers the entire "cycle of what a company needs to manage itself better", according to Gheorghiu. With automation, companies gain efficiency and time and avoid human errors and possible cases of fraud.
Regate's arrival in Barcelona has taken place after months of preparation and after a fundraising of 20 million euros in the autumn of last year by the FinTech reference Valar Ventures, and investor 360 Capital.
Its decision to begin its European expansion in the Spanish market responds especially to the accounting and regulatory similarities between Spain and France. And the company does not plan to stop its expansion with its launch in Spain through Barcelona, but intends to open up to the German market in 2024.
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