Factoring and Confirming in Spain: Consolidation and Strategic Relevance in 2024
Designed with your success in mind.
Spain consolidated its position as one of the most relevant factoring and confirming markets in Europe in 2024, with a total volume of €266.7 billion, equivalent to 16.7% of national GDP. This represents a 40% growth from 2018, reflecting sound financial practices and high integration with European trade.
Overview
Spain's factoring and confirming market experienced a year of consolidation in 2024, building on strong post-pandemic growth. While total volumes slightly contracted, this shift reflects changing interest rate dynamics and corporate preference for medium- and long-term investment finance. Spain remains one of the most strategically important factoring markets in Europe, with volumes reaching €266.7 billion—up 40% since 2018 and now representing 16.7% of GDP. The market’s depth and resilience are reinforced by solid corporate treasury practices, strong domestic trade activity, and increasing European integration.
Factoring and Confirming in Spain – December 2024
In 2024, the Spanish factoring and confirming industry showed a stable performance. While international factoring fell after three consecutive years of growth, total volume remained robust. Domestic factoring grew to €96.97 billion (from €96.36 billion in 2023), confirming Spain’s resilient internal demand. Cross-border factoring declined to €33.4 billion from €37.39 billion in 2023, due largely to geopolitical frictions and reduced demand in key import markets.
Overall, total factoring volume reached €130.37 billion in 2024 (vs. €133.75 billion in 2023), maintaining a 7% CAGR since 2018. Confirming activity closed at €136.29 billion (vs. €136.64 billion in 2023), sustaining a 9% CAGR since 2018. Together, these products accounted for €266.65 billion in total volume, growing at an 8% CAGR since 2018 and representing 16.7% of Spain’s GDP.
Comparatively, Spain ranks fifth in Europe for total factoring and confirming volume, behind France, Germany, the UK, and Italy. However, Spain outperforms in terms of GDP relevance—factoring and confirming represent 18.5% of GDP in Spain, compared to just 9.3% in Germany.
The market's growth since 2018—from a base of €85 billion to today’s €266.7 billion—has mirrored the country’s economic rebound, supported by GDP growth rates between 2.5% and 6% post-pandemic.
Activity Highlights (2024)
-
Total Credit Assignments: €266.7 billion (–1.4% YoY)
-
Factoring: €130.37 billion (–2.5%)
-
Domestic: €96.97 billion (+0.6%)
-
Cross-Border: €33.4 billion (–10.6%)
-
Confirming: €136.29 billion (–0.3%)
-
Live Investment at Year-End: €51.52 billion (+0.2%)
-
Average Investment in 2024: €45.87 billion (–0.2%)
-
Payment Orders in Confirming: €262.9 billion (+3.4%)
Graph 1: Factoring & Confirming Market Growth (2018–2024)
Source: La Actividad de Factoring 2024, Spanish Factoring Association, Calos Garcia Casas, Carlos Dalmau Llorens, 26 February 2025
The Spanish market grew from €150 billion in 2018 to €266.7 billion in 2024, with a CAGR of 8%. Factoring and confirming maintain a historical 50/50 split. The market size today is 44% larger than pre-pandemic levels, supported by broad-based GDP expansion.
Graph 2: Domestic vs Cross-Border Factoring (2018–2024)
.png)
Source: La Actividad de Factoring 2024, Spanish Factoring Association, Calos Garcia Casas, Carlos Dalmau Llorens, 26 February 2025
Domestic factoring represents 74% of total volume. However, cross-border factoring has increased its share steadily since 2018, benefiting from EU trade integration and global diversification strategies. APG expects cross-border factoring to double over the next decade.
Graph 3: Sector Breakdown by Industry (2024)
Source: La Actividad de Factoring 2024, Spanish Factoring Association, Calos Garcia Casas, Carlos Dalmau Llorens, 26 February 2025
A pie chart shows the dominant sectors:
-
Manufacturing: 27.34%
-
Retail & Wholesale Trade: 21.38%
-
Other Services: 21.03%
-
Transportation & Logistics: 9.76%
These four sectors represent nearly 80% of total factoring and confirming activity, reflecting where liquidity and trade finance are most needed.
Looking Ahead
In 2025, Spain’s economy is expected to grow by 2.5%, in line with consensus forecasts. At APG, we anticipate stronger demand for factoring and confirming lines from both SMEs and large corporates as they scale operations abroad and respond to resilient internal demand. Liquidity solutions will remain vital for competitive growth.
Although international factoring fell by 10.6% due to geopolitical tensions, domestic factoring grew by 0.6%, reaching €96.97 billion. This performance highlights the strength of domestic demand in Spain and the market's ability to remain stable despite a complex global environment.
About APG Capital Markets
GDP Growth - Outlook 2025
APG Capital Markets offers investment management services in private credit, with a focus on high-quality obligors. Since entering Spain in 2023, we have built a strong presence, supporting businesses with tailored funding structures and strategic capital solutions.