What AQUISGRÁN does

AQUISGRÁN is a Spanish non-bank financing vehicle constituted in 2018 at the initiative of the country's 17 Sociedades de Garantía Recíproca (SGR) — non-profit mutual guarantee societies that have collectively backed more than 400,000 guarantees to SMEs since 1978. The company was created to address a structural gap in Spanish SME finance: limited access to long-term, fixed-rate funding outside the variable-rate bank credit channel, a constraint reinforced by Basel II capital requirements that have made banks selective about long-term SME lending. Operations formally launched in September 2021, and the company has since financed more than 3,600 SMEs and self-employed workers (autónomos) through loans of up to €1.3 million per borrower with maturities of up to 10 years.

The core product is the Préstamo Aquisgrán, a fixed-interest loan (3.90% bonified, 4.40% standard) carrying a total borrower cost of approximately 5.65% annually when the SGR guarantee commission (~1.25%) is included. Loans are originated exclusively through the SGR network, which performs risk analysis and provides the guarantee, with Aquisgrán's IT system communicating directly with SGR systems to enable formalisation and disbursement in under one week after SGR approval. Funding is raised by issuing bonds listed on the Mercado Alternativo de Renta Fija (MARF), subscribed by Spain's Instituto de Crédito Oficial (ICO) with backing from the European Investment Fund (FEI), and re-guaranteed by CERSA. The bond programme carries ratings of A1 (Moody's) and AA- (Axesor). Additional product lines include Aquisgreen (sustainability finance, in partnership with Grupo Caminos), Línea Escudo Liquidez (working-capital line for Murcia-region SMEs via Aválam), and the Autónomo Ágil tool launched with Asturgar SGR.

Commercially, Aquisgrán distributes through the 17 SGRs, banking partnerships (notably CaixaBank, signed December 2024), business associations (Cecot, 40,000+ Catalan companies), and financial advisor networks (AIF, 600+ advisors). The model monetises through the spread between MARF bond funding costs and loan interest income, plus study and opening commissions; borrowers must also become SGR members, contributing a refundable 3–4% of loan principal as social capital. The organisation operates with a deliberately lean structure of 1–10 employees, leveraging SGRs for distribution, risk analysis, and guarantee origination, while in April 2024 ICO and FEI expanded the securitisation fund by €110 million to a total capacity of €260 million.

Name

AQUISGRÁN

Legal name

AQUISGRÁN

Website

https://aquisgran.es

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

AQUISGRÁN is a Spanish non-bank financing vehicle issuing MARF-listed bonds subscribed by ICO and FEI to provide fixed-rate, long-term loans of up to €1.3M over 10 years to Spanish SMEs and self-employed workers, distributed through 17 mutual guarantee societies.

Ownership category

akta.pro rank

Product category

SME Alternative Financing / Non-Bank Lending

NAICS

Credit Intermediation and Related Activities (522)

SIC

Asset-Backed Securities (6189), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

Keywords

• SME lending
• Fixed-rate loans
• Alternative financing
• Bond securitization
• Mutual guarantee

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Loan Interest Income: Aquisgrán earns interest on loans provided to SMEs and self-employed workers. Loans carry fixed interest rates (from 3.90% annual), with total cost approximately 5.65% annually (4.40% fixed interest + ~1.25% annual guarantee commission).

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

AQUISGRÁN issues long-term fixed-rate loans (up to 10 years, up to €1.3 million per borrower) to Spanish SMEs (pymes) and self-employed workers (autónomos). The loans are guaranteed by the 17 Sociedades de Garantía Recíproca (SGR) and funded through bonds listed on the MARF (Mercado Alternativo de Renta Fija) and subscribed by ICO with FEI backing. The company also operates specialized sustainability (Aquisgreen) and liquidity (Línea Escudo Liquidez) financing programs as complements to traditional bank credit.

Product overview

AQUISGRÁN operates as a non-bank financing vehicle for Spanish SMEs and self-employed workers, established in 2018 at the initiative of the Sociedades de Garantía Recíproca (SGR). The core offering is the Préstamo Aquisgrán (Aquisgrán Loan), a fixed-interest long-term loan guaranteed by SGRs and financed through bonds listed on MARF (Mercado Alternativo de Renta Fija), subscribed by ICO with FEI backing. The product portfolio includes specialized programs: Aquisgreen for sustainability and green investments, and Línea Escudo Liquidez for working capital liquidity in the Murcia region. All offerings complement traditional bank financing without requiring SMEs to change their banking relationship.

Differentiator

Problem solved

Functional benefit

Products and services

• Préstamos Aquisgrán (Aquisgrán Loans) Long-term fixed-interest loans for Spanish SMEs and self-employed workers, guaranteed by SGRs and funded by ICO and FEI bond subscriptions on MARF. Loan terms up to 10 years and amounts up to €1.3 million per borrower. Fixed interest from 3.90% annual (bonified) or 4.40% standard; total cost approximately 5.65% annually including guarantee commission. No counterparty requirements (insurance, cards, direct debits), and borrowers retain their existing bank.
• Aquisgreen Sustainability financing program supporting investments that reduce energy costs for SMEs and self-employed workers, including solar photovoltaic self-consumption installations and energy efficiency improvements. Co-financed with Grupo Caminos entities. Eligible projects may qualify for EU NextGen bonuses.
• Línea Escudo Liquidez Liquidity financing line of €20 million for SMEs and self-employed workers in the Region of Murcia, offering up to €150,000 per operation at a fixed interest rate. No study or opening commission and no guarantee cost during the first year. Co-designed with Aválam SGR.

Quantifiable outcome

• 40% reduction in interest burden for borrowers with fixed-rate loans vs variable-rate alternatives
• +1 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered core and secondary.

• CecotcoreChannel Partner/ Reseller/ Distributor · 15 June 2026Cecot is Catalonia's multisectoral business patronals representing 40,000+ companies. The agreement enables Cecot members to access Aquisgrán fixed-rate loans up to €1.2 million with up to 10-year terms, backed by Avalis SGR.
• Avalis (SGR de Cataluña)coreChannel Partner/ Reseller/ Distributor · 15 June 2026Avalis is the SGR backing Cecot-associated SMEs in Catalonia accessing Aquisgrán financing through the Cecot partnership.
• CaixaBankcoreChannel Partner/ Reseller/ Distributor · 11 December 2024CaixaBank signed a collaboration agreement with Aquisgrán enabling its SME and self-employed clients to access Aquisgrán loans as a complement to their existing banking relationship. More than 15,000 SMEs currently have CaixaBank financing backed by SGRs.
• Asturgar SGRcoreChannel Partner/ Reseller/ Distributor · 13 June 2024Asturgar SGR launched the 'Autónomo Ágil' financing tool, using Aquisgrán loans as the funding vehicle, designed for quick and easy access for self-employed workers in Asturias.
• AIF (Asociación de Asesores Financieros)secondaryChannel Partner/ Reseller/ Distributor · 19 July 2023AIF represents 600+ financial advisors in Spain. The agreement enables advisors to offer Aquisgrán financing products to their SME clients seeking financing diversification.
• Grupo CaminossecondaryGTM or Marketing Partner · 3 November 2022Grupo Caminos (Banco Caminos and Bancofar) joined the 'Aquisgreen' program to finance sustainable investments, particularly solar photovoltaic self-consumption for SMEs, with projects co-financed by Aquisgrán and Grupo Caminos entities.
• SGR (Sociedades de Garantía Recíproca)coreChannel Partner/ Reseller/ Distributor · 1 January 201817 non-profit mutual guarantee societies that initiated Aquisgrán in 2018. SGRs provide loan guarantees, perform risk analysis, and distribute Aquisgrán products through their SME member networks. Entities include Avalis, Elkargi, Iberaval, Asturgar, Afigal, Avalmadrid, and others.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Funding Circle: UK-listed marketplace SME lender operating across the UK, US, Germany, and the Netherlands. Comparable as a tech-enabled non-bank lender providing fixed-term financing to SMEs using institutional and retail capital, competing with traditional banks.
• MicroBank (CaixaBank): Microfinance bank owned by CaixaBank, providing microloans and SME financing to entrepreneurs, self-employed, and small businesses in Spain. Targets the same SME/autónomo customer base with a focus on financial inclusion, complementing traditional bank credit.
• COFIDES: Compañía Española de Financiación del Desarrollo is a Spanish state-backed SME financing company that provides debt and equity financing to Spanish SMEs, particularly for internationalization and growth. Comparable as a public-backed financing vehicle for Spanish SMEs.
• ENISA: Spanish public entity (Empresa Nacional de Innovación) that provides participatory loans and financing to Spanish SMEs and entrepreneurs. Directly comparable to Aquisgrán as a publicly-backed, non-bank financing vehicle targeting the same SME/autónomo segment in Spain.
• October (Lendopolis): European digital lending platform providing direct loans to SMEs across France, Germany, Spain, Italy, and the Netherlands. Comparable as an alternative non-bank SME lender using capital markets funding to originate SME loans across Europe.

Broad incumbents

• Ares Management (European Credit): Global alternative asset manager with a major European direct lending and private credit franchise. Comparable as a large-scale institutional provider of non-bank credit to European SMEs and mid-market companies, leveraging capital markets funding.
• Tikehau Capital: European alternative asset manager with significant private credit and direct lending activities across Europe. Comparable as a capital-markets-funded provider of direct credit to European SMEs and mid-market companies.
• ICO (Instituto de Crédito Oficial): Spain's national promotional credit institution, which actually subscribes to Aquisgrán's bonds. Comparable as a public institution providing wholesale and direct SME financing instruments across Spain, though much broader in scope and product range.
• CERSA (Compañía Española de Reafianzamiento): Spanish re-guarantee company supported by the Ministry of Industry that provides counter-guarantees to SGRs backing Aquisgrán loans. Comparable as a public-backed credit-enhancement institution within the same Spanish SME guarantee ecosystem.
• Pemberton Capital Advisors: European credit-focused alternative asset manager specializing in direct lending to mid-market and SME borrowers across Europe. Comparable as an institutional provider of non-bank private credit to European businesses.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AQUISGRÁN