Circulantis

What Circulantis does

Circulantis, S.L. is a Valencia-based fintech founded in June 2014 that operates Spain's first dedicated crowdfactoring marketplace. The platform connects Spanish SMEs and self-employed workers (autónomos) seeking working capital financing with individual and institutional investors seeking short-term, fixed-income returns, by enabling the discount of commercial promissory notes (pagarés) and invoices (facturas) from solvent obligors. Operations are published as competitive auctions where investors bid amount and interest rate, with lower-rate bids taking priority and pro-rata allocation applied on oversubscription. The marketplace is restricted to Spanish residents and is underpinned by three technology layers: an automated investment system (SIA) that executes pre-configured bids based on rating, credit-opinion, and exposure parameters; an escrow account held by Pecunia Cards E.D.E., S.L.U. (Banco de España-registered electronic money institution) with Marketpay blockchain-secured payment processing from SOCIALPAY, S.L.; and credit screening via Informa D&B (CESCE subsidiary) ratings and credit opinions.

Circulantis monetizes through transaction fees on both sides of the marketplace. Borrowers (cedentes) pay a tiered commission of 0.60% (≤30 days), 0.80% (≤60 days), 0.95% (≤90 days), plus 0.10% per additional 30-day tranche, with a €50 minimum per operation and no charge if financing is not accepted. Investors pay a 1.50% annual management fee prorated by days to maturity and capped at 25% of investor returns, applied only on successfully repaid operations. The minimum bid per operation is €50, allowing portfolio diversification. The product suite spans four lending products (Descuento de Pagarés, Anticipo de Facturas, Factoring, and a specialized Factoring Administración Pública for public-sector receivables), plus the SIA automated investment feature. Distribution is exclusively self-serve through the proprietary web platform, supplemented by a content-marketing blog, organic social media, and earned regional press coverage; a Madrid office complements the Valencia headquarters for customer service.

As of the latest reporting, Circulantis has facilitated approximately €243.5M in cumulative credit across more than 4,500 operations serving ~800 SMEs, with no institutional funding rounds disclosed. The company remains founder-controlled (four co-founders including CEO Guillermo González-Fleitas), employs 1–10 people, and operates without CNMV Participatory Financing Platform authorization by structuring its activity as receivables discounting rather than lending. Key commercial milestones include the €2M financed milestone (2015), €50M+ milestone (2019), and references to a €100M cumulative benchmark in subsequent press.

Name

Circulantis

Legal name

Circulantis, S.L.

Website

https://circulantis.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Circulantis is a Valencia-based Spanish fintech operating a crowdfactoring marketplace that connects SMEs and self-employed workers seeking working capital financing with individual investors via competitive auctions for promissory note and invoice discounting.

Ownership category

akta.pro rank

Headquarters

HQ city

Valencia

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Commission from Cedentes (Borrowers): Circulantis charges a variable commission to SMEs and self-employed workers who obtain financing through the platform. The commission is calculated as a percentage of the operation's amount and maturity period, applied only if the cedente accepts the funds. Minimum commission per operation is €50. Commission tiers: 0.60% for up to 30 days, 0.80% for up to 60 days, 0.95% for up to 90 days, plus 0.10% per additional 30-day tranche. Additional costs may include burofax notifications, stamp duties, or OMF transfers.
2. Management Fee from Investors: Circulantis charges investors a 1.50% annual management fee prorated by the actual days from operation formalization to maturity, applied on the amount collected at maturity (principal + interest). The commission is capped at 25% of the investor's returns per operation, and is only charged on successfully repaid operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Circulantis operates a crowdfactoring marketplace that connects Spanish SMEs and self-employed workers (autónomos) needing working-capital financing with individual and institutional investors. Borrowers post their accounts receivable — promissory notes (pagarés) and invoices — as competitive auctions; investors bid amounts and interest rates, with funds held in escrow via Pecunia Cards and risk-filtered through Informa D&B credit data.

Product overview

Circulantis operates a unified crowdlending marketplace that connects SMEs and freelancers seeking working capital financing with individual and institutional investors seeking returns. The core offering is crowdfactoring — the financing of accounts receivable (promissory notes and invoices) through a competitive auction marketplace. On the financing side, the platform offers three related products: Descuento de Pagarés (promissory note discounting), Anticipo de Facturas (invoice advance), and Factoring — including a specialized variant for public administration receivables (Factoring Administración Pública). On the investment side, the platform publishes all financing operations as crowdlending auctions where investors bid amounts and interest rates. A supplementary Automatic Investment System (Sistema Automatizado de Inversión) allows investors to automate bidding based on customizable risk parameters. All operations are underpinned by escrow account management via Marketpay/Pecunia Cards and credit risk assessment powered by Informa D&B data.

Differentiator

Problem solved

Functional benefit

Products and services

• Descuento de Pagarés (Promissory Note Discounting) Financing product allowing SMEs and freelancers to obtain immediate liquidity by selling their commercial promissory notes (pagarés) to investors on the Circulantis marketplace before their maturity date at a discount.
• Anticipo de Facturas (Invoice Advance) Financing product enabling SMEs and freelancers to receive immediate payment on their outstanding invoices by selling them to investors on the platform, accelerating cash flow from accounts receivable.
• Factoring Broader factoring service that allows businesses to sell their receivables (both promissory notes and invoices) to investors on the platform, providing working capital financing backed by commercial debt claims.
• Factoring Administración Pública (Public Administration Factoring) Specialized factoring product for invoices and receivables owed by public sector entities (government agencies, municipalities, public administrations), offering financing against official sector debtors.
• Mercado de Crowdlending (Crowdlending Marketplace) Online marketplace where financing operations (promissory notes and invoices) are published as auctions. Investors browse, bid on, and fund operations, setting their own investment amounts and target interest rates. The marketplace displays debtor information, ratings, credit opinions, amounts, terms, and interest rates for each operation.
• Inversiones (Investment Platform) Investor-facing side of the platform where individuals can invest from €50 per bid, financing SMEs' working capital backed by promissory notes and invoices. Investors earn returns at short-term maturities with controlled risk, accessing an asset class previously reserved for professional investors.

Quantifiable outcome

• €243,544,447 total credit granted through the platform
• +3 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Informa D&B (Grupo CESCE)coreTechnology or IntegrationInforma D&B is Circulantis's primary credit risk data provider. As a subsidiary of CESCE (Spain's export credit insurance company), Informa supplies commercial credit reports including ratings (minimum 7/20 required), credit opinions, payment incident databases, and debtor financial information. This partnership is fundamental to Circulantis's risk filtering process—only operations backed by debtors meeting Informa D&B criteria are published on the platform.
• Pecunia Cards E.D.E., S.L.U.coreOthersPecunia Cards (operating as Pecunpay) is an electronic money institution registered with the Banco de España (registration 6707). It provides and manages the escrow account where investor funds are held, executes transfers to successful cedentes, and handles fund reimbursements for cancelled operations. This is a critical regulatory and operational infrastructure partnership.
• SOCIALPAY S.L. (Marketpay)coreTechnology or IntegrationSOCIALPAY S.L. provides the Marketpay solution for payment management and escrow account oversight on the Circulantis platform. Marketpay uses dual-layer blockchain technology to secure transactions, prevent fraud, and ensure anti-money laundering compliance. SOCIALPAY is a Spanish company based in Barcelona.
• FoqusminorStrategic or Co-development PartnerFoqus is a strategic consulting firm that collaborates with Circulantis on project organization and the development of optimal solutions to create value for customers. One of the founding partners, Álvaro Bonastre, is from Foqus.
• ETICA Patrimonios EAFIminorStrategic or Co-development PartnerETICA is a financial advisory firm registered with and supervised by the CNMV (National Securities Market Commission). It collaborates with Circulantis on the design of financial services and investment vehicles adapted to their clients' needs. One of the founding partners, Fernando Ibáñez, is from ETICA.
• Broseta AbogadosminorImplementation/ SI/ Consulting PartnerBroseta is a leading law firm in the Spanish financial sector, awarded 'European Team of the Year in Banking and Finance' by The Lawyer (2014). Broseta provides legal support for all Circulantis processes, ensuring regulatory compliance and legal soundness of platform operations.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Mintos: Europe's largest marketplace lending platform, originating consumer and business loans via partner originators across multiple jurisdictions. Comparable two-sided lending marketplace model, though covering a broader loan universe than Circulantis.
• Younited Credit: Large European consumer credit marketplace operating across France, Italy, Spain and Portugal. Comparable P2P-style loan marketplace with regulatory licence in multiple jurisdictions, including Spain.
• Funding Circle: UK-listed global P2P lending platform focused on SME loans. Comparable marketplace-lending model with significant scale advantages; serves as an industry benchmark for crowdfactoring-type SME financing at scale.
• LendingClub: US-listed, US-domestic P2P lending marketplace. Industry-defining incumbent in marketplace lending — relevant as a public-market comparable for the business model, despite very different geography and consumer loan orientation.

Regional players

• October (formerly Lendix): French marketplace lending platform operating across multiple European countries, focused on SME financing. Comparable product/customer profile with broader geographic coverage but operating outside Spain.
• Wiseed: French participatory financing platform with Spanish presence offering equity and debt crowdfunding. Comparable in product structure and regulated marketplace dynamic, primarily serving French retail investors.
• GoParity: Portuguese-origin sustainable lending and crowdfunding platform operating in Iberia. Comparable two-sided investment marketplace model serving retail investors backing SME/ESG projects in adjacent geography.

Direct peers

• Fellow Funders: Spanish regulated participatory financing platform (CNMV-authorised) offering both equity and debt crowdfunding for SMEs. Comparable as a Spanish two-sided financing marketplace, though broader in scope including equity.
• MyTripleA: Spain-based marketplace lending platform connecting investors with SME loans. Most direct Spanish competitor to Circulantis given shared geography, marketplace model, and SME target segment, with a similar take-rate structure.
• Recrowd: Spanish regulated crowdlending platform focused on debt investments in Spanish SMEs and projects. Closely comparable business model and regulatory framework (Ley 5/2015), competing for the same pool of Spanish retail investors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/circulantis
• Facebookfacebook.com/circulantis
• LinkedInlinkedin.com/company/circulantis

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Circulantis