Indexa Capital surpasses €5 billion in assets under management and 150.000 clients

Indexa Capital, Spain’s leading independent robo-advisor, today announced a double milestone: surpassing €5 billion in assets under management (€5,000,000,000) and reaching 150,000 clients.

The firm reached €1 billion in assets under management in June 2021, surpassed €4 billion in October 2025, and has now exceeded €5 billion in April 2026, representing 63% year-on-year growth, alongside a 41% increase in clients to 150,000.

To mark this milestone, Indexa has published for the first time a breakdown of assets under management and average investment by autonomous community, as well as the distribution of clients across the ten provinces with the highest number of clients. This analysis highlights not only where clients are concentrated, but also the invested volume and average investment in each region.

For this geographical analysis, Indexa considered its clients residing in Spain, who account for 98% of its total client base.

The Community of Madrid accounts for 34.0% of total assets, followed by Catalonia with 17.7% and the Basque Country with 9.4%. Together, these three regions represent 61% of Indexa’s total assets under management.

Average investment by Indexa Capital per client and autonomous community

Comunidad Autónoma	Volumen gestionado (millones €)	Volumen gesstionado (%)	Inversión media (miles de euros)
Madrid	1711 M€	34,0 %	40,2 k€/cliente
Cataluña	889 M€	17,7 %	31,1 k€/cliente
C. Valenciana	472 M€	9,4 %	33,7 k€/cliente
País Vasco	446 M€	8,9 %	38,3 k€/cliente
Andalucía	361 M€	7,2 %	27,2 k€/cliente
Castilla y León	165 M€	3,3 %	28,2 k€/cliente
Galicia	162 M€	3,2 %	27,6 k€/cliente
Aragón	121 M€	2,4 %	27,0 k€/cliente
Illes Balears	91 M€	1,8 %	30,0 k€/cliente
Castilla-La Mancha	87 M€	1,7 %	23,9 k€/cliente
Canarias	84 M€	1,7 %	27,0 k€/cliente
Asturias	72 M€	1,4 %	28,1 k€/cliente
Murcia	71 M€	1,4 %	24,9 k€/cliente
Navarra	63 M€	1,3 %	29,8 k€/cliente
Cantabria	46 M€	0,9 %	33,1 k€/cliente
Extremadura	35 M€	0,7 %	24,6 k€/cliente
La Rioja	27 M€	0,5 %	29,5 k€/cliente

Average investment per client ranges from €40,200 in Madrid to €23,900 in Castilla-La Mancha.

“Indexed investing is now reaching the entire country. The fact that our platform is 100% online makes it possible for the model to reach smaller cities and rural areas, as reflected in the client map available on our website,” said Unai Ansejo, co-CEO of Indexa Capital.

Provinces with the highest number of clients

Provincia	Clientes	% sobre total
Madrid	42.600	28,9 %
Barcelona	23.800	16,2 %
Valencia	8.400	5,7 %
Bizkaia	6.000	4,1 %
Alicante	4.100	2,8 %
Gipuzkoa	3.900	2,7 %
Zaragoza	3.600	2,5 %
Sevilla	3.600	2,4 %
Málaga	3.200	2,2 %
Illes Balears	3.000	2,0 %

At the provincial level, Madrid also leads in number of clients, accounting for 28.9% of the total, followed by Barcelona with 16.2%. Outside the Madrid–Barcelona axis, Valencia stands out with 5.7%, along with Bizkaia (4.1%) and Alicante (2.8%). Gipuzkoa and Madrid also show the highest average investment per client, at €43,600 and €43,300 respectively.

From a geographic dispersion standpoint, Indexa Capital already has clients in more than 3,260 municipalities, representing 40% of all municipalities in Spain.

Staying true to its philosophy that lower costs lead to higher returns, Indexa has reduced its fees every year since launch. As of January 2026, the average total cost of its fund portfolios stands at 0.53% per year—around 81% lower than the average fees currently charged by banks and funds in Spain.

SOBRE INDEXA

Indexa Capital AV (https://indexacapital.com) is Spain’s leading independent portfolio manager, with more than €5 billion in assets under management and 150,000 clients. Indexa combines investment management services (including index fund portfolios and pension plan portfolios, as well as EPSVs) with personalized financial planning.

Indexa also advises clients on private market fund investments and advises Caser Pensiones on occupational pension plan management. It sub-advises two indexed fund-of-funds managed by Renta 4 Gestora. Additionally, Indexa offers an interest-bearing account in partnership with A&G Banco and a life insurance product in collaboration with Caser Seguros, likely among the lowest-cost life insurance products in the market.

Indexa aims to deliver higher potential returns on savings by maintaining fees and costs that are, on average, 81% lower than those currently offered by banks and funds in Spain.

Founded in December 2015, and authorized and supervised by the CNMV, the company was established by Unai Ansejo, François Derbaix, and Ramón Blanco—experts with recognized track records in markets, investments, and internet businesses—and supported by top-tier advisors such as Manuel Conthe, Luis Martín Cabiedes, and Yves Perrier.

Image: From left to right: Unai Ansejo, Ramón Blanco and François Derbaix, board members and co-founders of Indexa Capital Group