290% is the average growth of the TOP 10 fastest growing financial technologies in 2021 compared to 2020.
The fifth place is reserved for the licensed TPP and open bank experts - IRIS Solutions - 249%.
This is recorded in the annual financial report of the Bulgarian Fintech Association for 2021. For the fourth consecutive year, the BFA has published its annual report for 2022, which covers the most significant achievements, challenges, and opportunities in the last twelve months of the Bulgarian fintech scene.
Here are some more findings of the report.
In 2021, there are 156 FinTech companies in Bulgaria, of which 92% are SMEs, mainly in Sofia, Varna, and Plovdiv.
Total FinTech revenues achieved a historic growth of 25% with a historic peak of total revenues - BGN 1.8 billion.
Digital payments companies are the biggest contributors to operating income in 2021.
In the period 2017-2021, FinTech Total assets almost doubled, reaching a peak of BGN 1,863 million in 2021.
In the 2021 recovery year, the upward trend in spending reflects the growth of the FinTech sector and corresponds to 25% growth in total revenue in 2021.
In 2021, the number of people employed in the FinTech industry reached a record 11,862.
Mihaеl Mihaylov, BDO of IRIS Solutions, was one of the speakers at the conference "Bulgaria on the European fintech map - 2022", organized to commemorate the release of the Annual Report.
You can download the Annual Report HERE.