Weather In Bulgaria On March 29: Sunny Skies and Rising Temperatures Across The Country
Bulgaria is set to experience favorable weather conditions on March 29, with mostly sunny skies forecasted across the country
HOT: » Assessing the Legacy of Bulgaria's "Denkov" Cabinet: Achievements, Failures, and What Comes Next
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.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
In order to protect the economic interests of consumers, there will be a period of double labeling of the prices of goods and services - in leva and in euros
As Bulgaria inches closer to joining the Eurozone, concerns arise over the implementation of rounded prices in euros, potentially impacting citizens' wallets upon adoption of the single currency
On a briefing held at the National Press Club of BTA, Nikola Ilchev, the creator and organizer of the Balkan eCommerce Summit, showed projections indicating a significant rise in Bulgaria's e-commerce sector
Svetoslav Stanulov, chairman of the Association of Bulgarian Airlines (ABA), has emphasized the need to assess Sofia Airport's potential as a hub for transit and transfer flights
Pegasus Airlines is set to recommence its scheduled flights between Sofia and Istanbul, marking a significant milestone in air travel connectivity between Bulgaria and Turkey
Bulgaria has witnessed a remarkable surge in home loans at the beginning of the year, with loans for households for the purchase of houses and apartments reaching a record high of BGN 20.52 billion by the end of February
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022