Hungary Fintech sector continues to expand

Fintech

Hungary's Fintech sector has grown to 146 companies employing more than 8,000 people, state news wire MTI writes, citing a report published by the National Bank of Hungary (MNB) on Monday.

Turnover of Hungarian FinTech companies, most of which are providing B2B services, surpassed HUF 170 billion in 2020 from little over HUF 120 bln a year before. Their profitability ratio improved by 1 percentage point to 9%.

Microbusinesses and small enterprises accounted for 79% of local Fintech companies.

Around 26% of Hungarian FinTech companies work in the area of financial software development and system integration, while 19% are active in payment services and 17% offer data analysis and business intelligence services.

The report said that around 25% of companies are the local subsidiaries of foreign ones.

Data also showed that one-quarter of FinTech companies have received at least one round of venture capital funding since their establishment.

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