The deterioration of the economic and financial environment is driving a shift in behaviour among both companies and investors. Rising geopolitical uncertainty, pressure on corporate profitability, and increasing difficulties in accessing credit are accelerating interest in alternative financing and investment models linked to the real economy.
An analysis carried out by SEGOFINANCE, based on various recent studies of the financial and business markets, shows how the current macroeconomic context is fostering a structural transformation in both corporate financing needs and individual investment decisions.
According to the latest report by CESGAR, more than half of Spanish SMEs required financing during 2025, highlighting the growing liquidity needs in an environment marked by rising costs and pressure on corporate cash flow. This is compounded by a progressive deterioration in company profitability: the Spring Barometer of the General Council of Associations of Administrative Managers reveals that 26% of Spanish companies operated at a loss during the last fiscal year.
The context could become even more challenging in the coming years. The implementation of the most stringent phase of Basel IV starting in 2027 will likely force financial institutions to strengthen their risk criteria and increase capital requirements, reducing the room for lending and raising the cost of credit for SMEs and self-employed professionals. At the same time, the global financial environment remains shaped by geopolitical uncertainty and market volatility. The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) have recently warned that geopolitical risk and geoeconomic fragmentation have become key threats to global financial stability.
Productive economy alternatives
This environment is also changing investor behaviour. Various financial analyses suggest that anticipating stock market performance during crises, international tensions, or economic slowdowns is particularly complex, as a significant portion of market returns tends to be concentrated in short, unpredictable periods. Volatility and uncertainty are therefore driving interest in diversification strategies that are less exposed to short-term fluctuations and more linked to real assets and productive economy operations.
As SEGOFINANCE points out, this transformation is already reflected in the behaviour of alternative investment in Spain. According to the company’s data, demand for products linked to corporate financing and short-term operations has experienced strong growth over the past year.
In this context, SEGO Factoring, SEGOFINANCE’s invoice financing line, exceeded €210 million in funded volume in 2025 after growing 125% year-on-year, consolidating itself as one of the leading alternative financing platforms for SMEs in Spain.
The company has already channelled more than 13,000 transactions and financed over 250 companies at a time when an increasing number of businesses are seeking agile liquidity solutions that complement traditional bank financing. At the same time, the platform reports 85% repeat participation from investors and 60% from financed companies, reflecting growing interest in investment and financing models based on real, short-term operations with moderate risk.
“The current economic environment is generating a dual transformation. Companies need more flexible and agile financing solutions, while many investors are prioritising assets less dependent on stock market volatility and more connected to the productive economy,” explains Sergio Valcárcel, CEO of SEGO Factoring
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