The Fintech company ecosystem in Spain: towards a model of financial inclusion?

Abstract

This article analyses the Fintech ecosystem in Spain using a survey-based quantitative methodology. The main objective is to identify the sector’s key characteristics as well as its practices and narratives concerning groups frequently faced with social and financial exclusion. The findings reveal that in a highly banked context like Spain, Fintech companies do not significantly facilitate financial inclusion for these groups. Instead, they view these people’s access to financial services as an opportunity to expand their own business model to traditionally excluded segments, rather than prioritizing inclusion as a central goal, despite their institutional rhetoric. From an economic sociology perspective, the article concludes that financial inclusion does not automatically result from increased competition in the financial services market or expanded access to more affordable services. Rather, it depends on implementation of specific and structural practices designed to address the needs of partially or entirely excluded groups, ensuring these initiatives are effectively integrated into the sector’s strategies.