The Portuguese fintech sector is becoming relevant at the global scale uncovers the Portugal Fintech Association in its 2022 edition of the the Portugal Fintech Report.
Alongside this positive news, the fintech association announced the launch of the Portugal Fintech Scholarship, a scholarship for new startups that guarantees support for six months at the Fintech House, in hopes of keeping up this growth.
The Portugal Fintech Report annually distinguishes the Portuguese fintechs that stood out in the national and international panorama. The fintech ecosystem is growing, grounded on the expanding blockchain and crypto startups that represented around 75 per cent of all funds raised in fintech in Portugal.
In 2021, the top fintech startups in Portugal raised more than €437million in investment, with the highest funding sectors being in cybersecurity and regtech, blockchain, cryptocurrency, and insurance.
A year later, the market has changed as payments, and lending and credit are the two main verticals representing around 39 per cent of startups. However, blockchain and crypto continue to grow steadily and already represent 17 per cent of the ecosystem.
In 2022, the Portuguese fintech market is estimated to have raised over €1billion, over double that of 2021, further emphasising its growth.
The report includes a variety of content produced by fintech specialists, such as Diogo Mónica, president of the first crypto Portuguese unicorn, Anchorage or Eva Ruiz, southern Europe head of fintech for VISA.
“The Portuguese fintech ecosystem showed strong traits of resiliency during 2022. In a year of uncertainty and contention, Portuguese startups closed several rounds and increasing total funding for the period. As a destination Portugal continues to receive an influx of larger startups that open their offices to take advantage of the talent pool but also from the sense of community”, explains João Freire de Andrade, founder of Portugal Fintech.
The report includes two exclusive sections on collaboration between startups and mature players, but also a chapter on the crypto ecosystem and how can mature players explore crypto related opportunities.
In addition to providing relevant data on talent, capital, investment, and regulation in the sector, the report explores why Portugal is rising as a startup hub, with insights from IDC stating that Portugal’s specialised talent is a main driver, as well as the fact that it has been the host for Web Summit since 2016 and its international by design environment boosted by the need from startups to address international markets from an early–stage.