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Portugal's fintech sector passes €1bn milestone

Portugal's fintech sector passes €1bn milestone

Funding for Portuguese fintechs has exceeded the €1bn mark for the first time.

According to the Portugal Fintech Association's annual report for 2022, fintechs have raised an aggregate of €1.08bn to date. 

Blockchain and crypto-based firms have dominated the funding, accounting for 76% of the capital raised. 

By far the biggest deal conducted over the last year was the €30.6m raised by Uphold, a digital asset trading company.

The fintech sector is also concentrated in Lisbon, Portugal's capital city, which houses 55% of firms, followed by Porto with 16%. 

The report also shows that close to half the funding (48%) is provided by international investors. 

Finextra has recently launched the inaugural Financial Cloud Summit, scheduled to take place on 2 March 2023. For more information and to register for this event, please visit the event page here.

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