Fractional CFO services in Madrid
Madrid is Spain's largest tech ecosystem and the dominant gateway for Latin American expansion into Europe.
The city produced Cabify, Jobandtalent and Idealista - each exceeding €1 billion in valuation - and in 2023 recorded a 9% increase in early-stage VC investment while the rest of Europe contracted by 32%. Spain as a whole now ranks fourth in Europe for early-stage venture deployment.
We work with Madrid-based startups from seed to Series B+, supporting them on board packs, fundraise prep, unit economics, FP&A, monthly close and hiring plans.
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Madrid startup ecosystem
Europe's gateway to Latin America
Madrid attracts more LATAM-bound or LATAM-originated founders than any other European city. The shared language, legal familiarity and Telefónica's continental infrastructure make it the natural bridgehead for companies expanding across the Atlantic. Spain has produced 18 unicorns; Madrid houses the majority of them.
Fintech, SaaS and mobility dominate
Cabify (ride-hailing), Jobandtalent (workforce management), and Idealista (real estate marketplace) represent the city's three strongest venture clusters. BBVA and Santander both operate major corporate-innovation units from their Madrid headquarters, providing deep fintech infrastructure and enterprise sales channels for startups.
Three distinct tech clusters
Chamartín - home to major corporate HQs and the BBVA Open Innovation hub - is the enterprise and fintech spine. Salamanca hosts the city's most concentrated cluster of law firms, advisors and VC offices. La Nave, the Madrid City Council's flagship public innovation centre in Villaverde, incubates hardware, manufacturing and sustainability startups with specific LATAM soft-landing programmes.
Engineering and business talent pipeline
Universidad Politécnica de Madrid and Universidad Complutense feed engineering and computer-science graduates. IE Business School and ESADE Madrid supply MBA and venture-track business talent. The city's large consulting and banking base - Accenture, McKinsey, Santander, BBVA - provides a strong secondary supply of senior finance and product talent to high-growth startups.
Accelerators and angel networks active in Madrid
Madrid runs some of Spain's oldest and best-capitalised corporate-backed accelerators, alongside public programmes hosted at La Nave. These are the programmes founders most commonly consider at pre-seed and seed.
Wayra
Wayra is Telefónica's corporate venture capital arm, operating since 2011 from Madrid. In 2024 Wayra España invested over €2 million across 15 startups, focusing on fintech, insurtech and healthtech with tickets from €100k to €5 million. Portfolio companies gain direct access to Telefónica's 380 million global customers.
Lanzadera
Lanzadera was launched by entrepreneur Juan Roig (Mercadona) and operates from Valencia with a direct Madrid pipeline. It combines equity-free mentoring with access to Mercadona's supplier and retail network - making it particularly relevant for B2B commerce, logistics and food-tech founders.
Demium
Demium is a Madrid and Valencia-based venture builder that recruits individual talent, forms co-founding teams and provides pre-seed capital. It runs a structured ideation and validation programme before committing equity investment, with a portfolio spanning SaaS, marketplace and fintech.
BBVA Open Innovation
BBVA Open Innovation runs its flagship programme from Madrid, running competitive cohorts for fintech, wealth management and insurance startups that can pilot with BBVA's retail banking infrastructure. Access to BBVA's distribution and API banking stack is the primary value proposition.
South Summit
South Summit is Spain's leading startup competition and conference, held annually at La Nave in Madrid. The 2025 edition drew 40,000 participants and 140 international investors. Winning the competition accelerates investor introductions across the Spanish and LATAM VC networks.
Tetuan Valley
Tetuan Valley is one of Spain's oldest startup schools, running a structured 10-week founder programme from Madrid since 2011. It is sector-agnostic, equity-free and focused on early validation - a common first step for Spanish technical founders before their first institutional round.
Madrid startup accountants vs Flow fractional CFO
Most Madrid startups engage an asesor fiscal or boutique accounting firm for tax, payroll and Registro Mercantil filings. That function is required by law - but it is not a substitute for a fractional CFO.
Statutory accounts, corporate tax (IS), VAT (IVA) and payroll. The firms most commonly used by Madrid venture-backed startups.
- EJASO
Multidisciplinary law and tax firm founded in 1984 with Madrid and Barcelona offices. Strong VC and private equity track record covering seed rounds, M&A and cap table structuring.
- Letslaw
Boutique firm specialising in startup legal and tax matters - company formation, equity agreements, ESOP design and ongoing fiscal compliance for early-stage tech companies.
- GVA Asesores
Madrid-based advisory firm covering tax, labour law and accounting for SMEs and startups, with a focus on practical ongoing compliance and growth-stage structuring.
- BDO España
Top-six global audit and advisory network with a large Madrid office covering audit, corporate tax and M&A advisory for Series A through pre-IPO companies.
- Selier Abogados
Spanish law and tax firm covering tech companies, with services spanning corporate structuring, IP, employment and venture investment documentation.
Financial modelling, FP&A and fundraise prep. We work alongside your accountant - not instead of them.
- Builds the financial model - revenue assumptions, headcount, unit economics, runway.
- Sets up the monthly FP&A cycle: budget, forecast vs actual, variance analysis.
- Puts together the monthly board pack - P&L, cash, KPIs and forward outlook.
- Prepares the fundraise: investor model, deck financials, data room and diligence prep.
- Keeps the cap table tidy and handles option pool management and 409A-equivalent valuations.
- Reports on the KPIs that move the business - ARR, gross margin, CAC payback, retention.
- Pressure tests hiring, pricing and big spend decisions against the model before the founder commits.
- Sits in board meetings and is embedded week-to-week, not just engaged annually for compliance.
We provide fractional CFO services across Madrid and beyond
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for Madrid startups.
Per month
- Accounting / FP&A tech stack implementation
- Monthly financial statements and reporting pack
- Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
- Investor-friendly output
Per month
- Everything in Core, plus
- Operating model (via an online platform like Runway or Excel-based)
- Ongoing model maintenance, refining projections, burn/runway management
- Customer cohorts modelling, churn and retention analysis
- LTV / CAC, unit economics analysis
- Cap table management
Per month
- Everything in Grow, plus
- M&A / fundraising support; review of business plan
- Pitch deck preparation
- Investor approach strategy / list building
- Due diligence support and deal negotiation
- Valuation as required and free access to Multiples Pro
Packages shown are illustrative, final pricing is tailored to client requirements.
Recently completed fractional CFO projects
Selected fractional CFO engagements and prior CFO experience.
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