According to the Portugal Fintech Association’s annual report for 2022, fintechs have collectively raised €1.08 billion to date. Blockchain and crypto-based firms have been the primary drivers of this funding, accounting for 76% of the total capital raised. The largest deal in the past year was the €30.6 million raised by Uphold, a digital asset trading company.
The fintech sector is predominantly based in Lisbon, the capital of Portugal, which is home to 55% of the firms, while Porto follows with 16%. Additionally, the report indicates that nearly half of the funding (48%) comes from international investors.
For those interested, Finextra has recently launched the inaugural Financial Cloud Summit, scheduled for 2 March 2023. More information and registration details can be found on the event page here.