According to experts, the most innovative country markets in the UK, Lithuania, Estonia, Germany, Sweden, and the Netherlands are currently the main drivers for the development of the European fintech. Most European fintech companies operate in the payment sector. Market leaders are such companies as Revolut, Transferwise, N26, Monzo, Funding Circle and Klarna, with capitalization of more than $1 billion each.

The reason for the active development of fintech in Europe is largely the favourable and stable regulatory environment, defined primarily by the European payment directive PSD2 (Payment Service Directive), which requires banks to be more open and focused on interacting with PSPs (payment service providers). Another important reason is the large volume of venture capital investments. For example, in 2018, investments in fintech companies in Europe reached almost  $34.2 billion. The inclusion in 2019 of five European fintech companies – British Revolut, Monzo, TransferWise, Swedish Klarna, and German N26 – in the global Unicorn list is another proof of the dynamic nature of investments in this segment in the EU.

In this regard, the intention of Russian fintech companies to enter the European market is understandable. The development of fintech in Russia is largely hampered by the lack of investment, and the demand for modern payment technologies is limited to only a few large banks. Therefore, expanding the business through the creation of a payment company in Europe provides an additional tool to more effectively face new challenges. For example, to create a cross-border money transfer or payment service in other countries. That is why Advapay offers in the EU market a service for building IT solutions for fintech projects.