- The estimated number of Bulgarian Fintech companies is 65, which is more than that in any other SEE country;
- 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;
- The majority of the Bulgarian Fintech companies operate in the Payments segment.
Sofia, Bulgaria – The Bulgarian Fintech Association recently released the first comprehensive report about the Fintech sector in the country. The aim of the research, which was conducted in cooperation with SEE News, is to provide extensive information about each of the elements of the industry – from an overview of the fintech ecosystem, through a market analysis of the companies, to the regulatory landscape in Bulgaria. The Report’s main objective is to raise the public awareness about the sector and its most remarkable innovations and achievements by providing an in-depth thorough analysis of the Fintech landscape in Bulgaria.
“Our mission is to encourage innovation, develop the environment and help Bulgarian Fintechs shine on the world map.”
Co-founder and Chairman
The Key Findings of the report are indicative of the vitality of the Fintech landscape in the country. The number of the companies that have been identified as Fintechs is 65, 41 of which are emerging and 24 – established. 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.The heart of the Bulgarian fintech ecosystem is the capital Sofia, which boasts significant tech talent and appropriate business infrastructure, 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 local startups are backed not only by a number of venture capital funds, angel organisations and private investors, but also by startup supporting initiatives of local banks.
The fintech enterprises cover a wide variety of fintech segments:
- Capital Markets
- Insurance (Insurtech)
- IT development/support for fintech
- Mortgage/Real Estate
- Personal Finance
- Wealth Management
Each of the above-mentioned sectors has a “representative” company in the country. Still, payments and billing solutions are the most preferred development field for the Bulgarian fintech companies, as nearly 30% of them operate in this segment. Personal finance and capital markets are also popular – their combined share is close to 30%. IT development companies supporting the fintech sector have an important role in the ecosystem as well, as they account for more than 10% of the total number of firms.
“We established the Bulgarian Fintech Association less than two years ago and here we are today – in a country with over 60 fintechs and a viable and strong ecosystem that grows continuously.”
Co-founder and Chairman
The main conclusions that have been drawn from the Report indicate that the Fintech sector in the country is very vibrant and develops dynamically, and that there are a number of favourable conditions that stimulate entrepreneurship in the sphere. Although in its very early stages of advancement, the sector in Bulgaria is full of promise for the entrepreneurs in the field.
About the Bulgarian Fintech Association
The Bulgarian Fintech Association is a non-profit organization uniting the leading fintech companies in Bulgaria. The mission of the Association is to create a platform that brings together all parties in Bulgaria with an interest in the Financial Technologies field, and to encourage thecommunication and exchange of ideas among them. The Bulgarian Fintech Association aims at representing and safeguardingthe shared values of its members before regulators, investors, financial institutions, foreign associations, partners and any other party, thus fostering the development of the sector.