BME acquires a 9.7% stake in Finect

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fintech insurtech wealthtech regtech ai cybertech esg news

Bolsas y Mercados Españoles has acquired a 9.7 per cent stake in Spain-based financial data platform Finect.

The exact figure of the transaction has not been disclosed, but it is lower than €1m.

Finect offers investors a social media community and tools to explore financial information based on smart data technology, in order to help improve decision making. Through the platform, users are able to keep track of their investments and accounts, or ask others specific questions about the space.

BME is the operator for stock markets and financial systems within Spain. The company provides products, services and trading systems through its technology.

Finect CEO Antonio Botas said, “The transaction is a milestone in our mission to assist investors in their financial decisions. BME will bring us experience and leadership, both financial and technological, which are of great help towards our goal of improving the finances of investors.”

Earlier in the year, Spain-based LoanBook closed a crowdfunding campaign on £737k, with commitments from 297 investors. The company is an online marketplace lending company focused on the Spain market, offering short-term work loans.

Last year the Spanish FinTech sector was dominated by data and analytics companies, with 62 per cent of the capital going to companies building these solutions. The next biggest area of funding went to WealthTech companies, which raised 20 per cent of the $169.5m invest to the country last year.

Copyright © 2018 FinTech Global

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