BME launches Scale market to help fast‑growing companies access capital
Bolsas y Mercados Españoles (BME), the operator of Spain’s stock market, announced the introduction of BME Scale, a new trading venue designed to accelerate the growth of companies that have moved beyond the startup phase. In Spain, such firms are commonly referred to as scalers and are recognized for their increasing strength and clear focus on expansion. Names like Factorial, Film, Glovo, Holaluz, Neuroelectrics, and Wallbox illustrate the type of businesses BME Scale is aiming to attract.
The goal behind this market is to provide more financing options. These companies often seek capital from venture capital firms, angel investors, or dedicated financing platforms. The head of BME Growth, Jesús González-Nieto, explained that financial markets will now offer an additional route for these companies and that participants will automatically gain access to the pre‑market environment program. This is expected to broaden opportunities beyond traditional funding routes while enhancing visibility for growing firms. [Citation: Europa Press]
BME clarifies that Scale is targeted at companies beginning to consolidate and showing annual growth rates surpassing 20 percent for more than three years. Within this framework three category segments have been identified: scalers earning between one and ten million euros in revenue; growth firms with ten to fifty million euros; and rockets exceeding fifty million euros and expanding rapidly. The new market is positioned to attract the high‑revenue scalers and the growth segment with the lower entry threshold, expanding the universe of eligible listings. [Citation: BME announcement]
Open to other companies, Scale operates as a multilateral trading system supported by BME’s trading and settlement technology. It also welcomes a broader range of business models, including SMEs, socimis, or family enterprises. This openness creates a pathway for entities seeking initial access to capital markets even if they do not meet some strict requirements of BME Growth. [Citation: BME overview]
The CNMV, Spain’s national securities market regulator, granted authorization last week after more than a year of development. The official regulations outlining Scale’s framework were published as part of the market’s rollout, with the aim of having the platform available in the market in the final quarter of the year. [Citation: CNMV approval]
Regarding a possible transition from BME Growth to Scale, the operator notes that a move is not automatic. If a Growth-listed company has the capacity and structure to satisfy Scale’s standards, it may be considered for a switch. Conversely, companies that lose certain rights during listing could be evaluated on a case‑by‑case basis before a transition is approved. [Citation: BME policy]
Scale also signals a potential “fast lane” provision for companies that meet a set of criteria, such as maintaining more than 18 months on the market or fulfilling roaming requirements. When a company fulfills these conditions, it may pursue a quicker path to Growth, streamlining the progression to the higher tier while continuing to grow. [Citation: Scale terms]