Fogain

What Fogain does

FOGAIN (Fondo General de Garantía de Inversiones) is Spain's statutory investor compensation scheme, constituted in 2001 under EU Directive 97/9/CE and Spanish Royal Decree 948/2001, and managed by Gestora del Fondo General de Garantía de Inversiones, S.A. — a privately-held sociedad anónima headquartered in Madrid under the supervision of the CNMV (Comisión Nacional del Mercado de Valores). Its core function is to compensate individual investors when an Entidad Adherida (member investment firm, including broker-dealers, portfolio managers, UCITS/AIF managers, and financial advisory firms) becomes insolvent and is unable to return entrusted cash, securities, or financial instruments. Coverage of up to €100,000 per investor is triggered by judicial declaration of insolvency, a formal insolvency request, or an administrative CNMV insolvency declaration. To date, FOGAIN has processed eight historical insolvency proceedings (1994–2020), with no currently open cases.

FOGAIN does not operate as a technology company or commercial enterprise — it has no proprietary software products, APIs, or SaaS platforms. Its "products" are administrative services: (1) investor indemnification, and (2) financial education programming delivered in partnership with the Plan de Educación Financiera alongside CNMV, Banco de España, and the Ministry of Economy. It is not a conventional investable asset: FOGAIN carries no venture capital, private equity, or public shareholders, and its governance Board comprises senior representatives of major Spanish financial institutions (MAPFRE, GVC Gaesco, Abante, Renta 4, Kutxabank, Bestinver, CaixaBank) along with non-voting CNMV and regional government representatives.

The revenue model is a mandatory subscription structure: member entities pay annual contributions calculated per Real Decreto 948/2001, supplemented by financial income from investing the fund's patrimony and by recovery amounts through subrogation rights when indemnities are paid. Initial joining contributions vary by activity type (€2,700 for portfolio management/proprietary trading/custody; €1,000 for order reception/transmission; €800 for investment advisory). FOGAIN does not charge investors for its services. The organization operates exclusively in Spain, serves over 200 member entities, and channels its services through a Madrid-based direct claims process and a reserved online portal for Entidades Adheridas.

Name

Fogain

Legal name

Gestora del Fondo General de Garantía de Inversiones, S.A.

Website

https://fogain.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

FOGAIN is Spain's statutory investor compensation scheme, managed under CNMV supervision since 2001. It compensates retail investors (up to €100,000 per claimant) when its 200+ member investment firms become insolvent.

Ownership category

akta.pro rank

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Annual contributions from member entities: The FOGAIN is financed primarily through annual contributions from its Entidades Adheridas (member entities). These contributions are calculated and contributed according to the provisions of Real Decreto 948/2001, of August 3. Other sources include financial income from investing its patrimony and amounts recovered through subrogation rights when paying indemnities to investors.

Distribution channels2 records

Marketing channels2 records

Core offering

FOGAIN is Spain's statutory investor compensation scheme that compensates retail investors up to €100,000 per investor when member investment firms (broker-dealers, portfolio managers, investment advisory firms, UCITS managers, AIF managers) become insolvent. Coverage is triggered by judicial declaration of insolvency, formal request for insolvency, or CNMV administrative insolvency declaration. The fund is financed through mandatory annual contributions from over 200 member entities and is supervised by the CNMV.

Product overview

Fogain (Fondo General de Garantía de Inversiones) is Spain's official Investor Compensation Scheme managed by Gestora del Fondo General de Garantía de Inversiones, S.A. It operates as a single, unified compensation service rather than a technology platform. The organization provides two primary offerings: (1) investor indemnification coverage that compensates clients of member entities up to €100,000 when entities become insolvent, and (2) financial education programs in partnership with CNMV, Banco de España, and the Ministry of Economy. Fogain does not offer technology products, APIs, or SaaS platforms—it is a regulatory guarantee fund whose services are delivered through administrative processes, not software products.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Maximum indemnification limit of 100,000 euros per investor for insolvency situations after October 11, 2008

Segments2 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• CNMV (Comisión Nacional del Mercado de Valores)coreStrategic or Co-development PartnerFOGAIN operates under CNMV supervision and collaborates closely with the regulator. CNMV has a permanent representative on FOGAIN's Board of Directors (with voice but no vote). CNMV issues administrative insolvency declarations that trigger FOGAIN coverage, and FOGAIN cooperates with CNMV in supervisory, inspection, and sanctioning activities.
• European Investor Compensation Schemes NetworkminorOthersFOGAIN is part of the European investor compensation scheme network and maintains information about other European ICS bodies (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Sweden, UK) and international schemes (USA-SIPC, Canada-CIPF, Japan, China, Hong Kong) for reference purposes.
• Plan de Educación Financiera (Financial Education Plan)minorOthersFOGAIN collaborates with the Plan de Educación Financiera, an initiative of CNMV, Banco de España, and Ministry of Economy, Commerce and Business, aimed at improving citizens' financial culture.
• Autonomous Communities with securities market competencies (País Vasco, Cataluña, Comunidad Valenciana)minorOthersRegional governments with securities market competencies have representatives on FOGAIN's Board of Directors (with voice but no vote). Representatives include Juan Alberdi Alberdi (País Vasco), Roser Sánchez Lafuente (Cataluña), and Nicolás Jannone (Comunidad Valenciana).
• Fondo de Garantía de Depósitos (Deposit Guarantee Fund)minorOthersSeparate guarantee fund for credit institutions (banks). FOGAIN explicitly notes that credit entities and their clients are covered by the Deposit Guarantee Fund (Fondo de Garantía de Depósitos), not by FOGAIN.

Scale indicators4 records

Recent moves6 records

Expansion highlights2 records

Direct peers

• Financial Services Compensation Scheme (FSCS): UK statutory compensation scheme covering investments up to £85,000 per eligible person. Directly comparable to FOGAIN as a national investor protection fund with similar mandate, statutory backing, and €100K equivalent coverage limits.
• Canadian Investor Protection Fund (CIPF): Canadian non-profit that provides limited coverage to customers of insolvent CIPF-member investment dealers. Comparable to FOGAIN as a national securities investor compensation scheme funded by member assessments.
• Fondo Nazionale di Garanzia (Italy): Italian investor compensation scheme covering Intermediari members up to €20,000 per investor. Directly comparable to FOGAIN as an EU Di rective 97/9/CE national scheme with similar member-funded structure.
• Securities Investor Protection Corporation (SIPC): U.S. statutory investor compensation scheme providing up to $500,000 per customer (including a $250,000 cash limit) when SIPC-member broker-dealers fail. Direct cross-border analog to FOGAIN with similar mandate, statutory backing, and member-financed structure.
• Investor Compensation Company (Ireland): Ireland's statutory investor compensation scheme covering investment firm failures up to €20,000 per investor. Directly comparable to FOGAIN as a national EU-mandated ICS with member assessments.
• Garante Stichting (Netherlands): Dutch investor compensation scheme authorized by DNB and AFM covering up to €20,000 per investor. Direct EU counterpart to FOGAIN under the same Directive 97/9/CE framework.
• Entschädigungseinrichtung der Wertpapierhandelsunternehmen (EdW): Germany's statutory investor compensation scheme for securities trading firms, providing 90% of claims up to €20,000 per creditor. Direct counterpart to FOGAIN under the same EU Directive 97/9/CE framework.

Regional players

• Fondo de Garantía de Inversiones (Portugal) / Sistema de Indemnização aos Investidores: Portuguese investor compensation scheme operated under CMVM supervision. Regional peer to FOGAIN in the Iberian market, following the same EU Directive 97/9/CE standards with similar member-funded structure.

Broad incumbents

• Fonds de Garantie des Dépôts et de Résolution (FGDR): French guarantee fund covering both deposits and securities investors up to €70,000. Broader in scope than FOGAIN as a combined deposit + investor compensation scheme but operates under the same EU Directive 97/9/CE framework.
• Comisión de Resolución (CORES) — Spain: Spanish authority adjacent to FOGAIN handling bank resolution and the Deposit Guarantee Fund (FGD). While FOGAIN covers investment firms and CORES covers credit institutions, both are Spanish financial safety-net entities under parallel regulatory frameworks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gestora-del-fondo-general-de-garantia-de-inversiones-sa

Revenue estimate

Valuation estimate

Number of profiles

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 Fogain