{"id":69226,"date":"2026-01-21T11:03:58","date_gmt":"2026-01-21T10:03:58","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=69226"},"modified":"2026-02-24T17:32:32","modified_gmt":"2026-02-24T16:32:32","slug":"analysis-fintech-transactions-spain-in-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/analisis-transacciones-fintech-espana-en-2025\/","title":{"rendered":"Analysis of the main FinTech transactions in Spain in 2025"},"content":{"rendered":"<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consolidacion_estrategica_y_auge_del_M_A_tecnologico\"><\/span>Strategic consolidation and boom in technology M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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&amp;A transactions and buy-and-build strategies led by private equity funds have taken centre stage.<\/p>\n\n\n\n<p>From the perspective of <strong>M&amp;A advisors specialising in the technology sector<\/strong>, 2025 has not simply been a year with higher transaction volumes, but one of strategic sophistication. FinTech companies have moved beyond the paradigm of \u2018growth at all costs\u2019 to prioritise profitability, technological scalability and structured international expansion.<\/p>\n\n\n\n<p>In this context, the role of <strong>advisors in the sale and purchase of technology companies<\/strong> has been decisive in structuring complex transactions, optimising valuations and aligning expectations between founders, corporations and funds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_nuevo_marco_del_FinTech_espanol\"><\/span>The new framework for Spanish FinTech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>El <a href=\"https:\/\/techma.bakertilly.es\/en\/companies\/fintech\/\" target=\"_blank\" rel=\"noreferrer noopener\">FinTech sector<\/a> 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.<\/p>\n\n\n\n<p>In 2025, there is a clear trend towards:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Vertical specialisation.<\/li>\n\n\n\n<li>Infrastructure integration.<\/li>\n\n\n\n<li>Financial software consolidation.<\/li>\n\n\n\n<li>Cross-border expansion.<\/li>\n<\/ul>\n\n\n\n<p>Although venture capital continues to be the driving force behind early-stage innovation, the real strategic volume for the year has been concentrated in <strong>acquisitions of technology companies and sales of technology companies<\/strong> aimed at consolidating critical capabilities.<\/p>\n\n\n\n<p>Next, we will look at how several Spanish companies have used M&amp;A as a lever to strengthen their positioning and accelerate their value proposition in financial software.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"M_A_estrategico_en_FinTech_expansion_geografica_y_adquisicion_de_IP\"><\/span>Strategic M&amp;A in FinTech: geographical expansion and IP acquisition<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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 <strong>active international buyers<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PayRetailers_adquiere_CelerisPay_Paises_Bajos\"><\/span><strong>PayRetailers acquires CelerisPay (Netherlands)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The acquisition of CelerisPay enabled PayRetailers to strengthen its <em>white-label<\/em>payment 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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Izertis_acuerda_la_compra_de_Assured_Thought_Reino_Unido\"><\/span><strong>Izertis agrees to acquire Assured Thought (United Kingdom)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Embat_compra_Necto_EE_UU\"><\/span><strong>Embat acquires Necto (USA)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the treasury management segment, Embat strengthened its cloud platform by acquiring Necto, incorporating connectivity designed for the US market. In our <a href=\"https:\/\/techma.bakertilly.es\/en\/operaciones-de-ma-del-sector-tecnologico-en-espana-analisis-de-febrero-2025\/\" target=\"_blank\" rel=\"noreferrer noopener\">analysis of the most significant M&amp;A transactions in February 2025<\/a> , we already discussed how the operation shows that Spanish FinTechs are using M&amp;A as a gateway to the US.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Babel_adquiere_Meraki_Colombia\"><\/span><strong>Babel acquires Meraki (Colombia)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Crecimiento_de_producto_en_el_mercado_espanol\"><\/span>Product growth in the Spanish market<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cuatroochenta_integra_tecnologia_de_MP_Services\"><\/span><strong>Cuatroochenta integrates MP Services technology<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Full integration to incorporate specialised technology for preventing fraud in digital payments. Cybersecurity is becoming an integral part of FinTech.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Arin_y_Fin4Retail_se_integran_en_Timestamp\"><\/span>Arin and Fin4Retail join Timestamp<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Consolidation movement of consultancies specialising in Oracle and retail consumer finance, strengthening vertical solutions.<\/p>\n\n\n\n<p>For M&amp;A advisers, these types of transactions require in-depth analysis of technological synergies, technology debt, product scalability, and regulatory risks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Private_Equity_y_el_modelo_%E2%80%9Cbuy-and-build%E2%80%9D_en_software_financiero\"><\/span>Private equity and the buy-and-build model in financial software<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>El Private Equity ha sido uno de los grandes protagonistas de 2025, utilizando plataformas consolidadas como veh\u00edculos de consolidaci\u00f3n sectorial. Las operaciones m\u00e1s destacadas son:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cegid_adquiere_Microdata_Software\"><\/span><strong>Cegid acquires Microdata Software<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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 <a href=\"https:\/\/techma.bakertilly.es\/en\/operations-of-ma-technology-sector-in-spain-an-analysis-january-2025\/\" target=\"_blank\" rel=\"noreferrer noopener\">analysis of the most significant M&amp;A transactions in January 2025<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ion_Ion_Agible_Capital_se_hace_con_la_participacion_mayoritaria_de_Diusframi\"><\/span><strong>Ion Ion (Agible Capital) buys majority stake in Diusframi<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Loomis_Pay_compra_Sighore\"><\/span><strong>Loomis Pay acquires Sighore<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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 <a href=\"https:\/\/techma.bakertilly.es\/en\/m-a-in-the-technology-sector-in-spain-analysis-july-2025\/\" target=\"_blank\" rel=\"noreferrer noopener\">technological M&amp;A situation in July 2025<\/a> , we already discussed how Loomis Pay's goal was to build a comprehensive payment platform for the hospitality industry<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Venture_Capital_las_oportunidades_de_futuros_objetivos_de_M_A\"><\/span>Venture Capital: opportunities for future M&amp;A targets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Although the focus of the analysis is on M&amp;A, Venture Capital 2025 anticipates acquisitions in the coming years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IA_aplicada_al_software_financiero\"><\/span>AI applied to financial software<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Barcelona-based start-up Murphy <strong>Murphy <\/strong>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.<\/li>\n\n\n\n<li><strong>Remuner <\/strong>($6.5m) uses AI to optimise variable commission management, addressing a vital need in financial software for large sales teams.<\/li>\n\n\n\n<li><strong>Dost <\/strong>\u20ac6.7 million) focuses on supplier management and financial back-office automation using AI. We discuss the objective of this transaction in our <a href=\"https:\/\/techma.bakertilly.es\/en\/saas-transactions-analysis-in-spain-in-2025\/\" target=\"_blank\" rel=\"noreferrer noopener\">analysis of the main SaaS transactions in Spain in 2025<\/a>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Infraestructura_financiera_y_agregacion_de_datos\"><\/span>Financial infrastructure and data aggregation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Led by Motive Ventures and Battery Ventures, <strong>Flanks<\/strong> (\u20ac14m 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<em> wealth management<\/em>.<\/li>\n\n\n\n<li>Similar to the previous one, <strong>Wealth Reader<\/strong> (\u20ac1m) offers structured access to financial assets under the Open Wealth logic.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FinTech_para_el_consumidor_y_el_empleado\"><\/span>FinTech for consumers and employees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Payflow closed a \u20ac10 million round followed by a \u20ac3 million extension, consolidating an integrated benefit in payroll software. Devengo, meanwhile, received support from financial institutions Bankinter and Sabadell (\u20ac2 million) for on-demand salary solutions.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"El_auge_del_FinTech_de_nicho_y_las_finanzas_embebidas\"><\/span>The rise of niche FinTech and embedded finance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the most interesting phenomena of 2025 has been sectoral specialisation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Agri-FinTech\"><\/span>Agri-FinTech<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dental-FinTech\"><\/span>Dental-FinTech<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Capim raised $27 million for payment solutions specifically designed for dental clinics. High retention and specialisation compared to generalist processors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TaxTech_y_RegTech\"><\/span>TaxTech y RegTech<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TaxDown (\u20ac4m) strengthened tax automation through AI. In an increasingly regulated environment, regulatory compliance becomes a competitive advantage and an attractive M&amp;A target.<\/p>\n\n\n\n<p>Verticalisation increases the strategic value of companies by turning them into financial infrastructures within specific industries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tendencias_que_han_marcado_2025\"><\/span>Trends that have shaped 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The transactions in 2025 reflect the trends analysed in Baker Tilly's monthly reports throughout the year:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Boom in <em>Venture debt<\/em>: companies such as Xepelin, Plum and Clara used debt as a non-dilutive growth tool in a high interest rate environment.<\/li>\n\n\n\n<li>Reorganisation of Banking-as-a-Service (BaaS): Shareholder movements such as that of Solaris reflect strategic adjustments among global financial institutions.<\/li>\n\n\n\n<li>Strategic <em>exit <\/em>environment: many founders opted for integrations into larger platforms rather than IPOs, prioritising stability and scalability.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Claves_estrategicas_detras_de_las_operaciones\"><\/span>Key strategies behind operations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>From a technology M&amp;A advisory perspective, the drivers of value in 2025 will focus on:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Technology debt reduction: Acquiring cloud-native architectures and AI-ready infrastructures enables acceleration of the technology roadmap.<\/li>\n\n\n\n<li>Regulatory access: Companies with licences or consolidated regulatory compliance generate \u2018defensive moats\u2019 that are difficult to replicate.<\/li>\n\n\n\n<li>Customer density: Infrastructure installed at POS or deep integration into corporate financial software increases exit barriers.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion_del_mercado_FinTech_en_2025\"><\/span>Conclusion of the FinTech market in 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The FinTech market in Spain has demonstrated resilience and strategic sophistication. Speculation has been replaced by financial discipline and structured consolidation.<\/p>\n\n\n\n<p>For companies considering the <strong><a href=\"https:\/\/techma.bakertilly.es\/en\/sale-of-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">sell technology companies<\/a><\/strong>, 2025 has confirmed the importance of:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Properly prepare the exit process.<\/li>\n\n\n\n<li>Optimising financial and technological metrics.<\/li>\n\n\n\n<li>Having M&amp;A advisors with sector experience.<\/li>\n<\/ul>\n\n\n\n<p>For those looking to <strong><a href=\"https:\/\/techma.bakertilly.es\/en\/acquiere-a-company-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">acquisition processes of technology companies<\/a><\/strong>, the current environment requires in-depth analysis of synergies, regulatory risks, technology architecture, and revenue quality.<\/p>\n\n\n\n<p>In an increasingly competitive and global ecosystem, specialised advice on technology M&amp;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&amp;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.<\/p>","protected":false},"excerpt":{"rendered":"<p>Consolidaci\u00f3n estrat\u00e9gica y auge del M&amp;A tecnol\u00f3gico El a\u00f1o 2025 ha supuesto un punto de inflexi\u00f3n para el ecosistema FinTech en Espa\u00f1a. Tras una etapa de ajuste marcada por la prudencia inversora y la revisi\u00f3n de valoraciones, el mercado ha evolucionado hacia una fase de consolidaci\u00f3n estrat\u00e9gica, donde el crecimiento inorg\u00e1nico, las operaciones de M&amp;A [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":69228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[222],"tags":[],"sectores":[2217],"tipo-contenido":[2260],"class_list":["post-69226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adquisiciones","sectores-fintech","tipo-contenido-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=69226"}],"version-history":[{"count":3,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69226\/revisions"}],"predecessor-version":[{"id":69297,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/69226\/revisions\/69297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/69228"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=69226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=69226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=69226"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=69226"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=69226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}