Portugal’s Fintech Startups Are in Good Hands

The Pay it Forward podcast is back and this time we get an insight into Portugal’s Fintech scene with Mariana Gorjão Henriques from Portugal Fintech, an organisation dedicated to facilitating connections between fintech startups and regulators.

She shares insights into their history, as well as Portugal’s attractiveness as a fintech hub. And we also get some consumer and e-commerce trends focused on a country which sees contactless payments becoming more and more prevalent.

As for Portugal Fintech, they began their journey in 2016 with the goal of helping national startups gain traction with international investors. Their 2023 Fintech Report just came out and provides an in-depth look into the fintech scene with startup statistics, successful partnerships, and expert interviews. Henriques shares other initiatives they run such as the Fintech House, a hub for fintech in Portugal, hosting over 100 startups. Additionally, Fintech Solutions serves as an innovation and consultancy arm to aid large institutions in collaborating with startups to create digital products.

We find out that the organisation’s mission revolves around four main areas: regulation, corporate partnerships, talent recruitment, and fundraising. They aim to provide startups with the necessary tools to succeed, including regulatory compliance, corporate connections, talent acquisition, and fundraising guidance.

Portugal’s bright payments future

The future is bright for Portugal as shown by how many people are taking up new digital payment methods. Looking forward, the organisation plans to continue supporting startups through the various stages and challenges they face.

As we mentioned above, Portugal’s attractiveness as a fintech hub comes into conversation. This stems from a number of factors including the quality of higher education, English proficiency, good quality of life, government incentives, and its position as a gateway to Europe and Portuguese-speaking countries in Latin America, another region that is seeing huge growth in the payments industry. Portugal’s focus on retail payments strategy and regulatory developments further enhance its appeal to fintech companies, particularly in the payments sector.

Then there’s increased consumer demand for new payment technologies which is causing merchants to rethink what options they offer. There’s an emphasis on local mobile payment solutions like MB WAY from SIBS and an indication that contactless payments are on the rise, reflecting changing consumer preferences accelerated by the pandemic.

Henriques points out that e-commerce trends in Portugal mirror global patterns, with mobile commerce, social media influence, and personalised customer experiences driving growth. Portuguese SMEs are increasingly focusing on cross-border sales, facilitated by advanced payment solutions and shifting mindsets towards global expansion.

Mariana’s insights shed light on Portugal’s evolving fintech landscape, its relationship with its Iberian neighbour Spain and its potential as a key player in the global fintech ecosystem. It’s a great addition to the Pay It Forward series. To catch more of these, head here.