Portuguese fintechs break $1bn barrier

For the first time, Portuguese fintechs have raised over $1bn.

The Portugal Fintech Association’s annual report for 2022 calculates that the country’s fintechs have raised an aggregate of €1.08bn to date. Some 48% of this money was raised from international investors.

Lisbon remains the fintech powerhouse, with 55% of fintechs based there, with Porto coming in at 16%.

As for types of fintech funding, crypto and blockchain account for 76% of the raised funds.

The biggest deal in 2021 was Uphold, a digital asset trading company, which raised €30.6m.