Portugal Business News - Portugal’s Fintech sector attracted 1.16 billion euros in funding in 2024, according to Portugal Fintech. Here is an overview of Portugal’s Fintech sector with the list of startups in Portugal’s Fintech ecosystem, as well as the most successful funding rounds for tech startups in Portugal in 2024:
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The above chart shows the list of startups in Portugal’s Fintech ecosystem that comprises the following sectors:
1Â - Payments and Money transfers with 12 startups,
2 - Regtech & Cybersecurity with 11 startups,
3 - Wealth Management & ESG with 6 startups,
4 - Lending & Credit with 13 startups,
5 - Insurtech with 13 startups,
6 - Real Estate with 4 startups,
7 - Blockchain & Crypto with 3 startups.
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Moreover, there are 10 Emerging Fintech startups and 17 international Fintech companies operating in Portugal as per the above chart listing all Fintech companies operating in Portugal.
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What are the leading enablers for Portuguese fintech startups?Â
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1 - Associations such as Portugal Fintech – 36%
2 – Investors – 34%
3 – Accelerators such as Techstars – 14% Â
4 – Government Support – 9%
5 – Other – 7%
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While only 42% of Portuguese companies had international investors in 2023, that figure jumped to 71% in 2024, showing a major increase in the global interest and support for Portuguese fintech startups.
There is rising international interest in Portuguese fintech startups, with more than 2/3 of the rounds in 2024 involving international investors, compared to less than half in 2023. In 2024, the creation of new fintech startups in Portugal increased by 37% compared to 2023.
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Overall, there are around 4,000 startups in Portugal, with an average annual growth of 25%, spread across the country. While Portugal’s main startup hubs are in Lisbon, Porto, Braga, Aveiro, Coimbra, Leiria, and Fundão, there is also a network of 130 incubators (RNI) all over the country.
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What are the funds available for Portuguese startups in 2024?
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There are more than 11 funds with over 100 million euros to invest in Portuguese startups and scaleups, as well as 52 fund management companies that manage 135 funds in 2024, according to António Dias Martins, Executive Director of Startup Portugal.
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What were the most successful funding rounds for tech startups in Portugal in 2024?
1 – BHOUT
BHOUT, the first boxing bag with a brain, was able to raise the biggest seed round in the world.
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2 – DEFINED.AI
DEFINED.AI, a Marketplace for ethical, high-quality AI training data, was responsible for the largest ever Series B round to be raised by a female-founded AI company in the US.
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3 - SWORD HEALTH
SWORD HEALTH, the Portuguese unicorn that provides virtual and digital physical therapy, is now valued at 2.8 billion euros.
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4 – REMOTE
REMOTE, that developed a powerful software to simplify global employment, is another unicorn born in Portugal.
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Does Portugal have Unicorns?
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While there are 6 unicorns that started up in Portugal, the country also attracted another 40 international unicorns to re-locate to Portugal.
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