November 20, 2020
The Portugal Fintech Report 2020 indicates that despite the pandemic Fintechs in Portugal are continuing to attract a growing number of investors and are consolidating sales.
Innovation companies in the financial sector, have been consolidating sales, despite the pandemic, and increasingly see Portugal as a “country of choice” for its international expansion. The report shows that the Top 30 fintechs in Portugal have already attracted €275 million of investment. Of this amount, 30% of financing on average was raised from international investors.
The document shows that over the past four years, 2018 was the most popular year to launch a finch and 17% of these companies in Portugal were set up that year. This year, seven emerging and eight international fintechs are operating in Portugal.
“The ecosystem is growing and the proof of that is not only the companies that are standing out for their results and the number of collaborations with mature ‘players’, but also for the quality of new ‘fintechs’ being born in Portugal and for the internationals who already look at our country as a ‘fintech hub’ where they want to be, ”explains Portugal Fintech founder João Freire de Andrade.
Despite the situation caused by the pandemic, 11% of fintechs were created this year. In Portugal the predominant areas are money and payment transfer services and insurtech (an area related to insurance) and crypto currencies.
Source : ESSENTIAL BUSINESS, JORNAL ECONÓMICO