Strategic consolidation and boom in technology M&A
The year 2025 marked a turning point for the FinTech ecosystem in Spain. Following a period of adjustment characterised by cautious investment and valuation reviews, the market has evolved towards a phase of strategic consolidation, where inorganic growth, M&A transactions and buy-and-build strategies led by private equity funds have taken centre stage.
From the perspective of M&A advisors specialising in the technology sector, 2025 has not simply been a year with higher transaction volumes, but one of strategic sophistication. FinTech companies have moved beyond the paradigm of ‘growth at all costs’ to prioritise profitability, technological scalability and structured international expansion.
In this context, the role of advisors in the sale and purchase of technology companies has been decisive in structuring complex transactions, optimising valuations and aligning expectations between founders, corporations and funds.
The new framework for Spanish FinTech
The Spanish FinTech sector has matured. It is no longer just about disruptive start-ups competing against traditional banks, but rather about technological players integrated into the financial value chain: banking, corporate treasury, payments, financial software, RegTech and sector verticals.
In 2025, there is a clear trend towards:
- Vertical specialisation.
- Infrastructure integration.
- Financial software consolidation.
- Cross-border expansion.
Although venture capital continues to be the driving force behind early-stage innovation, the real strategic volume for the year has been concentrated in acquisitions of technology companies and sales of technology companies aimed at consolidating critical capabilities.
Next, we will look at how several Spanish companies have used M&A as a lever to strengthen their positioning and accelerate their value proposition in financial software.
Strategic M&A in FinTech: geographical expansion and IP acquisition
One of the major conclusions of 2025 is the changing role of the Spanish ecosystem: several companies have gone from being attractive targets to becoming active international buyers.
PayRetailers acquires CelerisPay (Netherlands)
The acquisition of CelerisPay enabled PayRetailers to strengthen its white-labelpayment orchestration platform. The strategic rationale was clear: expand integration with PSPs, improve anti-fraud capabilities, and strengthen real-time analytics. It was a transaction in which the acquisition of IP and technological architecture was the real driver of value.
Izertis agrees to acquire Assured Thought (United Kingdom)
The acquisition of 100% of Assured Thought was not simply an expansion of the workforce, but rather a transaction aimed at capturing a portfolio of premium financial clients and specialised knowledge in financial platforms. A classic example of a strategic acquisition to accelerate sector positioning.
Embat acquires Necto (USA)
In the treasury management segment, Embat strengthened its cloud platform by acquiring Necto, incorporating connectivity designed for the US market. In our analysis of the most significant M&A transactions in February 2025 , we already discussed how the operation shows that Spanish FinTechs are using M&A as a gateway to the US.
Babel acquires Meraki (Colombia)
The acquisition of Meraki consolidated the commitment to Latin America. The rationale was twofold: access to the Colombian financial market and strengthening of digital banking transformation capabilities in a market with high potential for digitisation.
These transactions reflect a clear trend in the acquisition of technology companies: the acquisition of critical capabilities in strategic markets, not just growth in turnover.
Product growth in the Spanish market
Cuatroochenta integrates MP Services technology
Full integration to incorporate specialised technology for preventing fraud in digital payments. Cybersecurity is becoming an integral part of FinTech.
Arin and Fin4Retail join Timestamp
Consolidation movement of consultancies specialising in Oracle and retail consumer finance, strengthening vertical solutions.
For M&A advisers, these types of transactions require in-depth analysis of technological synergies, technology debt, product scalability, and regulatory risks.
Private equity and the buy-and-build model in financial software
El Private Equity ha sido uno de los grandes protagonistas de 2025, utilizando plataformas consolidadas como vehículos de consolidación sectorial. Las operaciones más destacadas son:
Cegid acquires Microdata Software
Controlled by Silver Lake, Cegid acquired Microdata to strengthen its position in electronic invoicing in response to regulatory requirements in Spain. The transaction provides immediate access to SMEs and local regulatory compliance. A clear example of a regulatory-driven acquisition. You can access the details of the transaction in our analysis of the most significant M&A transactions in January 2025.
Ion Ion (Agible Capital) buys majority stake in Diusframi
The acquisition of a majority stake in Diusframi reflects interest in assets with recurring income and a consolidated presence in payment methods and financial software. Here, the value lies in the density of customers and the infrastructure in place.
Loomis Pay acquires Sighore
The aim of this transaction was to integrate payment solutions into the HORECA sector, strengthening its presence in physical points of sale. In our study of the technological M&A situation in July 2025 , we already discussed how Loomis Pay's goal was to build a comprehensive payment platform for the hospitality industry
Venture Capital: opportunities for future M&A targets
Although the focus of the analysis is on M&A, Venture Capital 2025 anticipates acquisitions in the coming years.
AI applied to financial software
- Barcelona-based start-up Murphy Murphy AI focuses on debt recovery powered by generative AI. It represents the evolution towards FinTech 3.0 solutions, as it focuses on using generative AI to solve legacy financial problems.
- Remuner ($6.5m) uses AI to optimise variable commission management, addressing a vital need in financial software for large sales teams.
- Dost €6.7 million) focuses on supplier management and financial back-office automation using AI. We discuss the objective of this transaction in our analysis of the main SaaS transactions in Spain in 2025.
Financial infrastructure and data aggregation
- Led by Motive Ventures and Battery Ventures, Flanks (€14m Series A) is solving the data problem in wealth management through the automated aggregation of private banking portfolio data. In this way, it is positioning itself as an essential API layer in wealth management.
- Similar to the previous one, Wealth Reader (€1m) offers structured access to financial assets under the Open Wealth logic.
FinTech for consumers and employees
Payflow closed a €10 million round followed by a €3 million extension, consolidating an integrated benefit in payroll software. Devengo, meanwhile, received support from financial institutions Bankinter and Sabadell (€2 million) for on-demand salary solutions.
For advisors specialising in the sale and purchase of companies in the technology sector, these companies represent the natural pipeline of targets in future consolidation processes.
The rise of niche FinTech and embedded finance
One of the most interesting phenomena of 2025 has been sectoral specialisation.
Agri-FinTech
Banco Santander agreed to acquire 50% of Nera (Argentina), an agro-industrial payment and financing platform. This is a strategic move to control vertical financial ecosystems.
Dental-FinTech
Capim raised $27 million for payment solutions specifically designed for dental clinics. High retention and specialisation compared to generalist processors.
TaxTech y RegTech
TaxDown (€4m) strengthened tax automation through AI. In an increasingly regulated environment, regulatory compliance becomes a competitive advantage and an attractive M&A target.
Verticalisation increases the strategic value of companies by turning them into financial infrastructures within specific industries.
Trends that have shaped 2025
The transactions in 2025 reflect the trends analysed in Baker Tilly's monthly reports throughout the year:
- Boom in Venture debt: companies such as Xepelin, Plum and Clara used debt as a non-dilutive growth tool in a high interest rate environment.
- Reorganisation of Banking-as-a-Service (BaaS): Shareholder movements such as that of Solaris reflect strategic adjustments among global financial institutions.
- Strategic exit environment: many founders opted for integrations into larger platforms rather than IPOs, prioritising stability and scalability.
Key strategies behind operations
From a technology M&A advisory perspective, the drivers of value in 2025 will focus on:
- Technology debt reduction: Acquiring cloud-native architectures and AI-ready infrastructures enables acceleration of the technology roadmap.
- Regulatory access: Companies with licences or consolidated regulatory compliance generate ‘defensive moats’ that are difficult to replicate.
- Customer density: Infrastructure installed at POS or deep integration into corporate financial software increases exit barriers.
Conclusion of the FinTech market in 2025
The FinTech market in Spain has demonstrated resilience and strategic sophistication. Speculation has been replaced by financial discipline and structured consolidation.
For companies considering the sale of technology companies, 2025 has confirmed the importance of:
- Properly prepare the exit process.
- Optimising financial and technological metrics.
- Having M&A advisors with sector experience.
For those looking to acquire technology companies, the current environment requires in-depth analysis of synergies, regulatory risks, technology architecture, and revenue quality.
In an increasingly competitive and global ecosystem, specialised advice on technology M&A has become a critical factor in maximising value and minimising risk. Spanish FinTech enters 2026 more consolidated, more international and better prepared to compete in the next global cycle. At Baker Tilly Tech M&A, we accompany founders, corporations and funds in the process of buying and selling companies in the technology sector, providing strategic vision, sector knowledge and disciplined execution.