Spain has been largely forgotten in the fintech space with regard to investment in Europe. With Germany and the UK both seeing substantial funding and a blossoming environment for startups, Spain has looked to help get its own infrastructure off the ground with in a new effort from the BME/Big Ban Angels, Spain’s National Business Angels Association.
The groups will collectively help foment a more suitable environment for startups in Spain, thereby enabling new investors to gain new channels as well as insight into the functioning of the stock market to help kindle access to private investment.
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More specifically, startups in Spain wishing to garner access to the pre-market environment must have been in operation for a period of two years – moreover, these groups must submit their audited accounts over the last two financial years, and be seeking investment of between €500,000 and €2 million.
Furthermore, the BME/Big Ban Angels pre-market environment will also specifically target several startups that are facing a number of regulatory hurdles, in essence enabling them to hone in on the private investment available on the markets run by BME. This will see BME’s premises in Valencia become a de facto hub for the new initiative, helping provide virtual and physical areas to enhance the visibility of companies within the environment itself.
Another aim of the initiative will be to push for the training of professionals, businesses and investors/business angels in capital markets both in terms of compliance with market access and operations and also information requirements and corporate governance.