Portuguese Fintechs to Raise 1.16 Billion Euros by 2024: The Expanding Ecosystem
In 2024, the fintech ecosystem in Portugal reached a historic milestone, with 1.16 billion euros raised in funding. This figure reflects the strong growth of the sector, which saw a 37% increase in the number of new startups compared to the previous year. Most of the investments came from international investors, who now account for more than two thirds of the funding rounds.
Portuguese Fintechs to Raise 1.16 Billion Euros by 2024: The Expanding Ecosystem
In 2024, the fintech ecosystem in Portugal reached a historic milestone, with 1.16 billion euros raised in funding. This figure reflects the strong growth of the sector, which saw a 37% increase in the number of new startups compared to the previous year. Most of the investments came from international investors, who now account for more than two thirds of the funding rounds.
The main areas of activity for fintechs in Portugal include insurtechs, loans, credits and payments, with Lisbon concentrating 84% of the sector's startups. Artificial Intelligence (AI) continues to be a trend, with 71% of founders highlighting its positive impact on efficiency and productivity.
However, despite the growth, fintechs still face significant challenges, such as long sales cycles and access to capital. In addition, internationalization remains an obstacle, with many fintechs facing difficulties in entering into partnerships with traditional companies in the banking sector.
In terms of recruitment, fintechs will face fewer difficulties in hiring technological talent in 2024, although marketing and sales will continue to be problematic areas. For the future, the report suggests that Portuguese fintechs need to strengthen their international expansion strategies and adapt to a constantly changing environment.
The fintech sector in Portugal is booming, but technological innovation and the ability to overcome international challenges will be crucial if growth is to continue.
Leonor Silva
18.11.2024
All rights reserved. This article is protected by copyright and may not be reproduced, distributed, transmitted or used, in whole or in part, without the prior written permission of Equações Exaustivas Lda. All trademarks, company names, logos and products mentioned are the property of their respective owners.
The main areas of activity for fintechs in Portugal include insurtechs, loans, credits and payments, with Lisbon concentrating 84% of the sector's startups. Artificial Intelligence (AI) continues to be a trend, with 71% of founders highlighting its positive impact on efficiency and productivity.
However, despite the growth, fintechs still face significant challenges, such as long sales cycles and access to capital. In addition, internationalization remains an obstacle, with many fintechs facing difficulties in entering into partnerships with traditional companies in the banking sector.
In terms of recruitment, fintechs will face fewer difficulties in hiring technological talent in 2024, although marketing and sales will continue to be problematic areas. For the future, the report suggests that Portuguese fintechs need to strengthen their international expansion strategies and adapt to a constantly changing environment.
The fintech sector in Portugal is booming, but technological innovation and the ability to overcome international challenges will be crucial if growth is to continue.
Leonor Silva
18.11.2024
All rights reserved. This article is protected by copyright and may not be reproduced, distributed, transmitted or used, in whole or in part, without the prior written permission of Equações Exaustivas Lda. All trademarks, company names, logos and products mentioned are the property of their respective owners.
