According to an analysis of the FinTech companies in Central and Eastern Europe conducted by UniCredit, Bulgaria stands 3rd in terms of number of FinTech companies. The largest share has Russia, followed by Turkey. According to the report, the company which received the most significant funding amounting to 25 Million euro is in Bulgaria and operates in the sphere of risk management.
The report shows that Central and Eastern Europe is currently the home of more than 600 FinTech companies. More than half of them operate in the sphere of transactions and payments or financing. Another 12% are engaged in investments and asset management – trading platforms, personal finance analysis, etc. The rest cover a wide array of activities, including cryptocurrencies, expenditure tracking, insurance, risk management and fraud prevention.
The Czech Republic and Romania follow Bulgaria in the Top 5 of FinTech destinations in the CEE region. According to the analysis, the good mobile and online services penetration, the demographic tendencies and the quick development of digital services have turned the region into a favourable environment for making the most out of digital banking. The CEE region is the ideal testing ground for the new digital and IT solutions due to the fact that it quickly adopts innovative ideas. In addition to that, the usage of Internet and mobile technologies in the region is at the same level as in the Western countries. Another positive prerequisite is that the usage of mobile services exceeds 100% (meaning that there is more than one subscription per person), while penetration exceeds 60% for Internet services.
Further highlights from the report are available on UniCredit Bulbank’s website.