Consumer trust in banks and traditional finance institutions almost vanished due to the financial crisis. There was a clear opportunity for new disruptive players to change the system and people desired that. But unlike other tech sectors, FinTech startups need to build a strong reputation first: they won’t gain the trust of consumers or enterprises overnight.
$12.21 billion were invested in the sector in 2014. And even though the US leads the way, Europe experienced the highest level of growth, with an increase of 215% (year-on-year). There are some FinTech Startups being born in Portugal, but a few eventually move to the European financial capital, London. Here at PortugalStartups.com you can find a list of them:
1. Switch Payments
Switch enables businesses to accept payments online. Their mission is to empower online commerce by providing the tools necessary to deliver frictionless transactions. From small e-commerce shops to multi-million online platforms, from part-time hobbyists with no technical background to full stack developers, this startup helps businesses in 40+ countries to go global by facilitating the exchange of funds in 150+ currencies.