The map of the nine Galician fintech companies.

This week we want to echo an article published in Economía Digital Galicia where we are named as one of the nine Galician fintech companies. In some way, we all share the excitement of being pioneers in offering new technological services resulting from the revolutions we are experiencing, especially in finance and technology. Getting on this train is essential for economic and social development, and we are demonstrating that nowadays it is not necessary to be in big cities to achieve great things. More than ever, the future is now, and it is essential to adapt to the new times.

Our thanks to Economía Digital and to Pablo Durán, Luis Ignacio Rodríguez, and especially to Luis A. Otero for their publication in the yearbook of the Economic Forum of Galicia.

(Article published in A Coruña on August 1, 2019)

"Galicia is now the fifth autonomous community with the most companies offering technological services ranging from crowdfunding to stock investment.

Galicia is traditionally a community of savers. It is the autonomous community where there is the greatest difference between the millions of euros that households allocate to bank deposits and those they receive in loans. Perhaps that is why Galicia is also one of the regions where fintech is making the most significant strides.

These technology companies offering technological services multiply in the Galician community, where they now number nine in total. This figure makes Galicia the fifth autonomous community with the most fintech presence, surpassed only by the Community of Madrid (159), Catalonia (75), Valencian Community (28), and Andalusia (17), as confirmed in the article The fintech sector: presence in Spain and Galicia, authored by Luis A. Otero, Pablo Durán, and Luis Ignacio Rodríguez for the latest yearbook of the Economic Forum of Galicia.

THE 'CROWDFUNDING' FIGURE

The presence of fintech in Galicia focuses on two provinces, A Coruña and Pontevedra, although they do vary in the type of services they offer. In broad strokes, they are divided between tools that allow individuals to leverage savings and those that enable new mechanisms for recourse to loans.

Among the latter, Inversa (from Ferrol) and Trocobuy (from A Coruña) stand out. Both companies are dedicated to crowdfunding and crowdlending. The former allows individuals to become mini-banks and contribute to financing invoices and promissory notes from companies. Inversa develops a risk profile and assigns its particular rating to these debts, which serves as a reference for those users who decide to lend part of their savings in exchange for a juicy return.

Trocobuy, on the other hand, resorts to an old acquaintance in the economy: barter. Registered users receive a loan in exchange for offering their products and services to a network of 4,000 companies, with whose sales the debt incurred initially is eventually repaid.

A NUDGE TO SAVINGS

Fintech companies are breaking into the financial landscape not only with new tools similar to loans but also with other ways to channel savings. This is the case with OpSeeker, based in Ames, which has launched its free app offering practical coaching for those who want to enter the world of investment.

Also acting on how to get an extra nudge out of savings is Pontevedra-based Coinscrap with its unique system. The company has a tool that absorbs the change left over from a particular purchase and automatically allocates it to savings products that match the client's risk profile.

This autopilot option is also available at Livetopic. The Pontevedra-based firm offers a questionnaire to its clients about their economic capacity, risk profile, and predisposition to savings, and then recommends which financial product fits best with their profile.

BITCOIN AND TRADING

Galician fintech companies are also making their way into the trading world. Senseitrade, which has recently gained the support of Abanca, extracts trends in the stock market from data extracted from the web and social networks and guides users on when, how, and where to invest. Pontevedra-based Qbitia, on the other hand, launches what is called algorithmic trading. Through this system, it manages to automate and create trading patterns for all types of assets traded on the stock market, including bitcoin.

Acting on this latter asset that has gained momentum in recent years is Coincelt, which provides a bitcoin wallet and transaction service through payment gateways. And this last aspect, that of payments, is another area on which Galician fintech companies are focusing. A Coruña-based Wayapp, specialized in digital marketing, has designed a system to offer its own gift cards to businesses and has launched electronic wallets at events such as the Vigo Sea Fest."