As for Fintech companies that provide loan services, Spanish law does not generally impose any formal or material requirements for granting loans and are governed by the general commercial law. An exception to this is that for consumer loans, the agreement has to be drawn up on paper and they use the denomination of financial credit establishments (“Establecimientos Financieros de Credito”), specialized in the granting of credits and loans in a specific field such as consumer credit, mortgage credit, credit cards, guarantees, leasing (leasing with purchase option), factoring (assignment of a credit portfolio). On the one hand, for loans of considerable amount, the market practice is to grant a loan in writing before a Spanish notary so that the lenders (Fintech companies) can enforce the loan through special foreclosure procedures for notarized agreements. On the other hand, for loans of a small amount, an agreement between the parties is enough. P2P lending is considered as a crowdlending activity under Spanish law and is regulated in Law 5/2015, of April 27, on the Promotion of Business Financing ("LFFE).As for Fintech companies that provide brokerage, finetrading and ancillary services, so long as they are not conducted with funds collected from the general public (i.e. banking activity) there would be no need for the Fintech to obtain a bank license.
Growing market. Here is a chart of the most popular business activities for Fintech companies. Fintech that provide loan services (23%) are very popular.