The expansion of the domestic FinTech sector continued even after the emergence of the coronavirus epidemic, today there are almost 150 active FinTech companies operating in the country, which employ more than 8,000 workers, and their combined sales revenue exceeded HUF 170 billion, according to the Hungarian National Bank (MNB). from the latest 2022 FinTech and Digitization Report.
They point out: among the FinTech companies operating in Hungary, small businesses still dominate, nearly 80 percent of the sector are micro or small businesses, and at the same time – in a unique way – in many cases they are already operating profitably as micro businesses, and companies with high added value are increasingly active in export activities.
Financial software development and system integration, payment services, as well as data analysis and business intelligence are still the most common range of services for almost two-thirds of the players.
Every fourth Hungarian FinTech company has already benefited from venture capital investment, and the number of workers in the sector has also expanded in the recent period, by 30 percent to more than 8,000 by the end of 2021. The number of companies dealing with financial software development and system integration increased in the current year to the same extent as the previous year, so they now account for more than a quarter of the companies in the sector.
Among the segments with a smaller share in the domestic sector compared to the previous year - but in line with global trends - cyber security, investment, financing and insurance, as well as digital transformation consulting, also showed increasing activity.
The full article of Magyar Hírlap can be read here.
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