London fintech company Teya has officially launched its services in Spain and Italy this week, marking a significant step in its ongoing European expansion strategy. The move follows successful pilot projects that began in both countries in July 2025, positioning Teya to tap into the substantial small and medium-sized enterprise (SME) markets across these nations.
Strategic Expansion into Key European Markets
The launch in Spain and Italy means Teya, which was previously known as Salt Pay before undergoing a rebrand, now serves customers in nine European countries. This expansion builds on its existing presence in markets including Croatia, Hungary, and Portugal, demonstrating the company's commitment to broadening its footprint across the continent.
Targeting SME Economies with Financial Solutions
According to Teya, the growing SME economies of Spain and Italy present a significant opportunity for the fintech to act as a financial ally to small businesses. Italy and Spain are home to almost 6.7 million SMEs, representing one in every four small businesses within the European Union. Together, these businesses employ more than 21 million people and contributed over €1 trillion to the European economy in 2024.
Tom Mylrea-Lowndes, a member of Teya's executive committee, highlighted the strategic importance of these markets in a statement. He noted that Spain, with its traditional banking players, has lacked innovation in financial services, creating an opening for Teya's offerings. Mylrea-Lowndes emphasised the company's excitement about these markets while indicating plans to continue exploring other opportunities as part of a pan-European execution strategy over the coming years.
Comprehensive Financial Services Platform
Founded in 2019, Teya provides a comprehensive suite of financial services tailored for small businesses through a single app. The platform offers point-of-sale solutions with fast settlements, business accounts accompanied by a Teya card, and flexible credit options. This integrated approach aims to simplify financial management for SMEs across Europe.
Strong Investor Backing and Financial Performance
The company benefits from substantial investor support, including backing from prominent firms such as Tiger Global and Ribbit Capital, as well as from billionaire Conservative peer Michael Spencer. In its latest financial accounts, Teya reported turnover of £19 million in 2024, representing more than a doubling from the previous year. While the company continues to invest in growth, pre-tax losses decreased from £110 million to £64 million during the same period.
Teya employs more than 200 staff members and serves a European customer base of approximately 75,000 businesses. The expansion into Spain and Italy follows recent product innovations, including the launch of Tap to Pay on iPhone in October 2025. The company previously raised $500 million in a 2021 funding round, providing capital to support its expansion initiatives and technological development.
As Teya continues its European journey, the company remains focused on conscious and sequential growth, ensuring it can deliver consistent service quality across all markets while addressing the specific needs of small businesses in each country it enters.
