Portuguese fintechs attract €65M
Portugal’s fast-growing Fintech ecosystem attracted €65 million in nine rounds of financing in 2022.
This is according to the seventh edition of the Portugal Fintech Report that says one-third of the capital raised in the ecosystem went on Insurtech in 2023, and that the vertical segment now represents one-fifth of the national Fintechs ecosystem. The report, which was presented at Fintech House in Lisbon on Thursday, also states that its fintechs have now raised over €1.1Bn in investment to date since it was founded in 2016.
João Freire de Andrade, President of Portugal Fintech told the press at the presentation of the report that the Portuguese Fintech sector had now developed to such a point that it had national fintechs at all levels and stages of the cycle from ‘startups’ to ‘scale-ups’.
He added that the investment rounds undertaken this year showed an increase in scale-ups or companies that had grown over the past three years at an annual rate of over 20%, whether in terms of the number of employees or the volume of business turnover.
However, he also pointed out that there was greater pressure from new players with smaller-sized investment rounds.
“The challenge now is how can we ensure that we can continue to raise this investment, and also guarantee that existing Fintechs can make the most of the AI revolution?”
Portugal Fintech also announced on Thursday the launching of the second edition of the Fintech House Scholarship 2024 for new Fintechs. The five grants will provide free office space access, help from a network of mentors, and offer specialised consultancy in product development and raising capital.