The Bulgarian Fintech Association just published the first comprehensive report about the Fintech sector in the country. The research was conducted in cooperation with SEE News and provides extensive information about each of the elements in the industry – overview of the fintech ecosystem, market analysis of the companies, and the regulatory landscape in Bulgaria.
According to the report, the estimated number of Bulgarian Fintech companies is 65, which is higher than in any other SEE countries. The key findings of the report are indicative of the vitality of the Fintech landscape in the country. On average, a Bulgarian Fintech company is six years old as of April 2019. However, more than half of the companies were established after 2015, thus reflecting the key role of startups in the fintech ecosystem. In the last three years the total operating revenue of the fintech sector has more than doubled, maintaining a steady increase of approximately 33.5% on an annual basis.
Sofia is the heart of the Bulgarian fintech ecosystem with 54 of the identified Fintech companies being headquartered there. The city is one of the fastest growing destinations in SEE and is becoming the fintech centre of the CEE region as well.
The fintech enterprises cover a wide variety of fintech segments such as: Blockchain/Crypto; Capital Markets; Insurance (Insurtech); Lending; Payments/Billing; Personal Finance. Payments and billing solutions are the most preferred development field for the Bulgarian fintech companies with nearly 1/3 of them operating in the segment.
Download the full Report for free from the website of the Bulgarian Fintech Association here.