Portugal’s fintech landscape is experiencing a surge in momentum, with promising prospects and innovative initiatives paving the way for growth. In a recent episode of the Pay it Forward podcast, Mariana Gorjão Henriques from Portugal Fintech sheds light on the country’s burgeoning fintech scene and its journey towards becoming a prominent hub for financial technology.
Portugal Fintech, established in 2016, has been instrumental in fostering connections between fintech startups and regulatory bodies. With a focus on facilitating international investments for national startups, the organization plays a pivotal role in accelerating the growth and success of Portugal’s fintech ecosystem. Their recently released 2023 Fintech Report offers valuable insights into the sector, showcasing startup statistics, successful partnerships, and expert interviews.
At the heart of Portugal Fintech‘s mission are four core areas: regulation, corporate partnerships, talent recruitment, and fundraising. By providing startups with essential tools and support, including regulatory compliance assistance, corporate networking opportunities, talent acquisition services, and fundraising guidance, Portugal Fintech aims to empower startups to thrive in the competitive fintech landscape.
Portugal’s attractiveness as a fintech hub is underscored by various factors, including the quality of higher education, English proficiency, favorable quality of life, government incentives, and its strategic position as a gateway to Europe and Portuguese-speaking countries in Latin America. The country’s focus on retail payments strategy and regulatory advancements further enhances its appeal to fintech companies, particularly in the payments sector.
The podcast highlights the growing consumer demand for innovative payment technologies in Portugal, driving merchants to adopt new payment options such as local mobile payment solutions like MB WAY and the increasing adoption of contactless payments. With e-commerce trends aligning with global patterns, Portuguese SMEs are embracing cross-border sales opportunities facilitated by advanced payment solutions and a shift towards global expansion mindsets.
Mariana’s insights offer valuable perspectives on Portugal’s evolving fintech landscape, its collaboration opportunities with neighboring Spain, and its potential as a significant player in the global fintech ecosystem. As Portugal continues to foster innovation and embrace digital transformation, it remains poised to emerge as a key contributor to the future of fintech on a global scale.