Spain's BME buys minority stake in Finect for fintech push

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The Spanish Exchange Operator Bolsas y Mercados Españoles (BME) has acquired a 9.7% stake in the smart data financial company Finect thus increasing its bet on fintech.

The transaction, worth below €1m, aims at adding diversification to BME while strengthening the company’s commitment to a booming and future-oriented sector as fintech, the Spanish Exchange operator said.

The acquisition comes to bolster BME’s process of digitalisation and technological diversification started last year, which led to the integration of all BME’s IT services into BME Inntech. The Exchange regulator also manages fintech services and projects through its Valencia-based Openfinance subsidiary.

Javier Hernani, CEO of BME said: “This acquisition and the alliance with Finect is another step forward in the company’s diversification policy and growth of the business’ technological area. The objective of BME is to offer its clients and investors a wide range of services and products so that they can compete in the complex financial and digital environment in which they operate.”

Antonio Botas, CEO of Finect added: “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.”

Finect, with around two million users, counts with some 50 investment firms – national and global – already using its services to interact with their clients.