Europe Insights Reports

Fintechs Continue to Grow in Portugal Despite the Pandemic [Report]

The Portugal Fintech Report 2020, presented by the Portugal Fintech Association, has found that despite the negative effects of the pandemic Portuguese fintechs kept last year’s trend of growth. Not only have the existing ones consolidated sales, achieved international expansion and grew funding, but also new companies have emerged as Portugal becomes increasingly popular for expansion as a European fintech hub.

The report also shows that there is a greater openness by more mature players to innovation, associating themselves with fintechs in order to speed up their digitalisation processes, with examples given such as cooperation between Visa and Settoo.

The report also includes interviews on the financial innovation ecosystem in Portugal with industry experts; Manuela Veloso, head of AI Research at JP Morgan Chase; Ben Marrel, founder of the Breega investment fund; Chris Skinner, non-executive director of 11:FS and many others.

The report is supported by several partners, including Visa, Morais Leitão and Accenture, who explain the importance of the relationship with fintechs for the development of innovation in the financial industry.

Jana Lvova, Head of Fintech Delivery at Visa, said: “New players, such as Fintechs, have brought a new impetus to the Portuguese market with new ideas and technologies that, combined with traditional payments, are benefiting consumers seeking an integrated experience. Today, more than ever, due to the current pandemic situation, the industry is embracing the digital world and, therefore, we believe that collaboration is the key to taking the industry further. At a time when leading companies in the sector are recognising new payment methods as a crucial part of their offering, it is important that we have the ability to continue to adapt to this constantly changing environment. Believing that this is the right path, Visa has brought several Fintechs into its ecosystem to enhance their potential in this very competitive market. We are committed to accelerate the migration to digital payments and increase the payment options that consumers, businesses and governments have at their disposal”.

For more information and to view the report in full click here.

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