From product design to fund selection: the financial decisions that shape a company’s trajectory

BBVA Spark brought together the CFOs of leading tech companies at South Summit’s Madrid headquarters to explore how their strategic decisions underpin business growth. The session covered several key questions: when and how to raise capital, the right moment to expand a product offering, and what day-to-day life looks like for a CFO operating in a high‑pressure environment.

Europe is creating more startups than at any point in its history. In 2025, 27,000 founders launched new ventures across the region, a 60% increase compared with 2023, according to Atomico’s report ‘The State of European Tech 2025’. This surge has been matched by rising investment, with European startups raising $44 billion in 2025. Yet the region still faces structural gaps, particularly a shortage of late‑stage capital, a key reason why many founders look abroad for funding once they reach Series C.

Against this backdrop of constrained growth capital, Jorge Rosa, Growth Banker at BBVA Spark, moderated a lively discussion on why financial strategy has become a critical lever for both resilience and innovation.

Despite the momentum in Europe’s ecosystem, many founders still rely on international investors to scale. As Daniel Gallego, founder and CEO of Zylon, a private enterprise AI platform for regulated industries, explained: “While US funds approach Zylon with an ambitious mindset, Europe retains a more conservative bias, focusing on what might go wrong rather than betting on being ‘the best in the world’, as they do in the United States.”

Cultural differences are only part of the story. Access to larger pools of capital remains a decisive factor. More than 60% of founders considering relocating their headquarters outside Europe cite the need for greater access to funding, according to Atomico. The contrast is particularly stark in areas such as AI: US companies raised $146 billion in 2025, while European startups secured just $14 billion.

Still, only 8% of European founders actually move their headquarters to the US. Most remain based in Europe, even when tapping American funds. Zylon itself followed this path, securing backing from a Silicon Valley investor while keeping its headquarters in Madrid.

Companies are also seeking alternatives that reduce exposure to dilution and offer more stable access to capital. Venture debt deals have grown across Europe, reaching a record level in 2025 and representing 12% of total investment in the region, according to Atomico. Lucía Hojman, Head of Business Development Europe at BBVA Spark, highlighted the mutual commitment between the bank and the ecosystem: “We are backing the region at the same time that the region is backing us. Last year, we closed four deals.” . Companies such as BobW in Finland o Plum in UK  have turned to this model. Por su parte, while the German company Lanes&Planes also secured financing with support from BBVA.

Fundraising is only one part of the equation. At their core, companies exist to build products that solve real‑world needs, and product design becomes a strategic financial lever in its own right.

Speaking from the perspective of a CNMV‑regulated asset manager, María Eugenia Caro, Finance Director at private equity firm Crescenta, explained: “Early product versions help us pinpoint the target customer, understand who falls outside the scope, and create scalable solutions that allow us to reach investors we have not yet reached.” Crescenta has a core product for the average customer, but releases new solutions regularly: “We launch new products every three months. For us, scalability matters just as much as profitability.”

Daniel Gallego echoed this from the front lines of enterprise AI. In Zylon’s case, decisions that might seem purely technical, such as offering fixed‑cost pricing instead of charging per token, reshape both the company’s own financial structure and that of its clients. “Turning our product into a subscription allowed us to capture almost all revenue while keeping sales costs minimal. Product design directly shapes the financial strategy of the company,” he said.

Atomico’s report shows a decline in the number of deals in 2025, particularly in early stages funding, even as average cheque sizes have increased. This reflects more selective deployment of capital by funds and a more disciplined financial approach from startups. As Roberto García, Finance Director at Spotahome, noted: “Choosing the right type of capital, and understanding how it fits your business model, is more important than the amount you raise”. The CEO may always push for “more fuel”, but “it is the CFO who must bring discipline”.

Building on this, Crescenta’s María Eugenia Caro added: “Controlling the pace requires managing risk, opportunity cost and sustainable growth.” For her, this demands rigorous measurement, analysis, and taking on only the risks that genuinely move the needle.

When it comes to cost control, Zylon’s Daniel Gallego stressed the need to avoid “black holes”: “You have to be data‑driven and invest only in partners who bring real value. If you add up the money wasted on unused SaaS tools, it’s a fortune.”

The CFO plays a key strategic role in startups, especially when capital is limited. In a demanding environment, financial decisions are part of the strategic plan, based on data and forward thinking.

BBVA Spark is the bank specializing in innovative, high-growth companies and venture capital funds.