Bulgaria Is the Leader in the Number of Fintech Companies in Southeastern Europe
The total number of fintech companies in Bulgaria is 65, by which the country is a leader in the region of Southeastern Europe, according to the first of its kind report, prepared by the Bulgarian Fintech Association, writes TechNews.bg. In the last three years, the operating revenues of the fintech sector have doubled and the average growth of the industry on an annual basis is about 33.5%. About 1/3 of the Bulgarian fintech companies operate in the field of payments.
The key findings of the report show the potential for active development of the sector in the country. The number of companies identified as fintech is 65, 41 of them are start-ups and 24 are already established companies.
At the time of the report, the average age of enterprises was 6 years. More than half of them were created after 2015, which is indicative of the key role of startups in the fintech ecosystem.
The heart of the Bulgarian ecosystem is the capital Sofia, where the talent of many IT professionals is created and developed. The city has adequate resources and infrastructure, which is evidenced by the fact that 54 of the identified companies are established in Sofia. The city is one of the fastest growing destinations in Southeastern Europe and has the potential to become the fintech centre of Central and Eastern Europe.
The Bulgarian start-ups are supported by investment funds, business angels and private investors, as well as by local banks, through a number of initiatives to support start-ups.
Insurance is one of the activities with strong fintech development. Other sectors are: blockchain / crypto; capital markets; IT development and support of fintech companies; lending; mortgage lending / real estate; payments; personal finance; income management.
Innovative payment and invoicing solutions have the largest share, with close to 1/3 of companies operating in the field. IT companies that develop and maintain fintech companies also play a serious role in the sector, accounting for 10% of the total number of companies.
The main conclusions of the report are an indicator that the sector is developing dynamically and steadily, and that there are many favourable conditions for stimulating entrepreneurship in the field. The fintech industry in Bulgaria is still in the early stages of its development, but it already looks promising for both local and foreign entrepreneurs.
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