Fuel cards have evolved into essential credit instruments, providing SMEs with working capital, VAT recovery, and toll management. By integrating financing into daily workflows, transport operators can bypass traditional bank loans to manage leased assets and cash flow gaps.

Telematics and real-time data are now central to fleet strategy. Providers use vehicle patterns to predict credit risks and insolvency before they happen. These insights also fuel dashboards that help drivers optimize routes and manage costs per kilometer through predictive planning.

The industry faces a regulatory and green transition mismatch. Current ID laws struggle with vehicle-based users, while the shift to EVs creates tension between seamless charging and in-store retail sales. The future points toward virtual, interoperable systems that replace physical cards entirely.

This is what the latest UNCHAIN White Paper – “Fintech in Fleet & Fuel – Between Regulation, Data and Daily Operations” explores. Based on insights from the Fleet & Fuel roundtable at the 4th UNCHAIN Fintech Festival powered by VISA, it gives a front-row view of how financial institutions are adapting to change.

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Unlock the full perspective after download—dive deeper into detailed analyses, actionable insights, and the strategies driving how the Central and Eastern Europe’s fintech in fleet & fuel is evolving in real time.

Retailers are evolving into fintech ecosystems, embedding payments, credit, and digital wallets directly into the shopping journey to boost retention. This blur between commerce and finance prioritizes long-term customer value over one-off sales.

Traditional points and cashback are giving way to gamification and “invisible” rewards. Modern shoppers, especially younger cohorts, value seamless digital experiences and emotional engagement over simple transactional incentives.

Despite moving toward a “two-tap” checkout, retailers must navigate regulatory hurdles, like mandatory physical receipts, that disrupt digital flows. Ultimately, the industry is prioritizing frictionless speed to meet modern consumer demands despite these legacy barriers.

This is what the latest UNCHAIN White Paper – “Beyond Transactions – Rethinking Loyalty, Credit, and Embedded Finance in Retail” explores. Based on insights from the Retail roundtable at the 4th UNCHAIN Fintech Festival powered by VISA, it gives a front-row view of how financial institutions are adapting to change.

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Unlock the full perspective after download—dive deeper into detailed analyses, actionable insights, and the strategies driving how the Central and Eastern Europe’s retail banking is evolving in real time.

Banks are changing, but not all at the same pace — and not always in the same direction. Some are rebuilding core systems from scratch, while others are layering new tools onto decades-old infrastructure. Meanwhile, fintechs are no longer just challengers: they’re partners, competitors, and sometimes even acquisition targets.

At the heart of it all is the customer. People expect speed, transparency, and flexibility — whether it comes from a bank, a fintech, or a collaboration between the two. Delivering that experience, however, often means navigating messy trade-offs behind the scenes.

This is what the latest UNCHAIN White Paper – “Between Legacy and Leap: Rethinking Infrastructure, AI, and Partnerships in Banking & Payments” explores. Based on insights from the Banking & Payments roundtable at the 4th UNCHAIN Fintech Festival powered by Payten, it gives a front-row view of how financial institutions are adapting to change.

‘Merchants want to integrate as many payment methods in their acceptance system so it’s a seamless experience for the customer and then they want everything to be error-free, stable and these are the three things we most often hear. They are changing a little bit their perception, their attitude, we can say that there is a small disruption and this is coming from the desire to challenge the existing status quo, merchants are looking more in how they can improve their system, how they can make sure that they have the latest innovations on board, how they can outcompete their direct competitors. So, all in all, I think innovation will drive adoption but as long as it comes with direct benefits for the merchants.’

Ciprian Pîrv
Country Managing Director 
Payten

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Unlock the full perspective after download—dive deeper into detailed analyses, actionable insights, and the strategies driving how the Central and Eastern Europe’s banking and payments landscape is evolving in real time.

The festival’s mission is clear: to interconnect the region’s finance leaders, foster authentic exchange, and turn conversations into action. With its unique blend of purpose and personality, UNCHAIN has become the most relevant fintech gathering in the CEE—and will be coming back in 2026 with even more practical insights, new partnerships, and the same spirit: authentic, connected, and ready for what’s next.

THE FUTURE OF FINANCE, IN FULL FLOW

The key topics at UNCHAIN were as dynamic as the people in the room—over 60 sessions packed with fresh ideas, future-thinking strategies, and real-world solutions. From game-changing tech to bold regulatory conversations, the agenda left no stone unturned.

As Andrew Samu, Editor at Disruption Banking and Host of UNCHAIN put it:
“Key trends like artificial intelligence and instant payments were high on the agenda, but speakers were not shy to discuss topics like how long a digital euro might take to be released, or the current stable coin and wider crypto discussion. It’s important to note that Central Eastern Europe is evolving differently to other regions around the world—instant payments are already in place in many countries. The challenge the banking and fintech sectors face is about what the next iteration of fintech solutions might look like.”

Catalin Cretu, General Manager for Romania, Croatia, Slovenia and Bulgaria at Visa added: “Visa was pleased to join industry leaders and partners at UNCHAIN Festival, a premier event shaping the future of finance in Central and Eastern Europe. UNCHAIN once again demonstrated its strength as a powerful platform for shaping the future of finance, facilitating meaningful dialogue with clients, partners, regulators, and digital innovators. This year’s discussions—ranging from AI in banking and neobanking to embedded finance and cross-sector transformation—highlighted the dynamic evolution of our industry.

As a committed strategic partner since the festival’s inception, Visa supports UNCHAIN’s vision of fostering regional resilience, bridging traditional and emerging financial sectors, and accelerating market growth. We look forward to continued collaboration as we build a more connected and innovative financial ecosystem across the region”

NEXT-GEN PAYMENTS ADVANCING & OPENING-UP OPPORTUNITIES

UNCHAIN’s payments track burst with energy and innovation, reflecting the CEE region’s bold momentum in instant payments and financial infrastructure development. From real-time rails to orchestration platforms, the conversation was rooted in how to build a seamless, scalable future across fragmented markets—and how collaboration is the key to unlocking it.

One of the major highlights was BLIK’s expansion into Romania—a proven Polish success story now taking its real-time mobile payment solution across borders. With BLIK already widely adopted in Poland, its move into Romania showcased in a panel together with PayU and the National Bank of Romania, how homegrown innovation can scale regionally. By enabling users to pay instantly via mobile, even without a physical card, BLIK is delivering convenience, security, and a highly localized digital experience tailored to the needs of modern consumers and merchants. It’s a big step forward in interconnecting the region’s payment ecosystems and bringing practical, proven solutions to new markets.

Visa Direct also took the spotlight, demonstrating how push payment capabilities are modernizing the way money moves—between people, across platforms, and even across borders. As a key enabler of real-time transactions, Visa Direct is helping fintechs and financial institutions in CEE tap into faster, more transparent money movement, unlocking new business models and customer experiences along the way.

Meanwhile, Payten, Worldline Financial Services, and SIBS Romania—three of the region’s most impactful infrastructure and processing players—brought forward tangible, future-ready solutions in payment orchestration, embedded finance, and acquiring. SIBS Romania mentioned its advanced POS-sharing model, a smart solution designed to reduce hardware duplication and operational friction for merchants—especially relevant in multi-brand retail environments. This innovation not only improves the customer checkout experience but also supports a more efficient and sustainable payment infrastructure across markets.

Worldline Financial Services shared its forward-looking vision for the future of payments in CEE, centered around building open, secure, and interoperable systems that adapt to the region’s unique needs. From enabling next-gen digital wallets to offering flexible acquiring models, Worldline Financial Services emphasized its role in shaping a future where innovation is not limited by borders, and every transaction becomes smarter, faster, and more human-centered.

Payten, meanwhile, showcased the success of its collaboration with Auchan, delivering streamlined and robust orchestration of in-store and online payments. This partnership demonstrated how integrated solutions can drive both efficiency and customer satisfaction at scale, creating a seamless ecosystem from checkout to settlement.

Together, these partners are not just keeping up with change—they’re driving it. Their presence at UNCHAIN highlighted a shared commitment to building a unified, agile, and interoperable payments landscape that supports innovation across industries, markets, and regulatory frameworks throughout the CEE. From seamless consumer journeys to scalable infrastructure and game-changing partnerships, the payments sessions at UNCHAIN proved one thing above all: in CEE, the future of money is already in motion—and only gaining speed.

CRACKING THE NUT OF LENDING TECH

Lending at UNCHAIN was anything but traditional. Across sessions, speakers explored how lending is being reimagined through embedded finance, BNPL (Buy Now, Pay Later) models, and smarter credit decisioning powered by open data and AI. A key theme was how POS systems and online marketplaces are no longer just transaction points—they’re fast becoming distribution channels for financial products. From microloans to merchant financing, these platforms now act as both service touchpoints and lead generators, creating a bridge between new-age fintech and established banking institutions.

Big announcements reinforced this shift—most notably the launch of a cooperative partnership between Global Payments Europe, Lendox and Visa designed to streamline access to SME lending. It represents a powerful move to digitize credit distribution and support business growth at scale, particularly in underserved markets across CEE.

“By combining the power of Lendox’s credit intelligence engine, the cards and  payments infrastructure of Global Payments Europe, and the global reach of Visa’s rails, a new horizon is emerging, one where supply chains are unlocked through an  innovative, invisible, Embedded SME lending. This is not just about AI and technology—it’s about inclusion at scale. The strategic partnership stands as proof of how fintech and large financial institutions can collaborate in order to solve  the huge problem of SMEs financial inclusions“. states Cosmin Curticapean, CEO of Lendox.

The spirit of innovation also shone through in the UNCHAIN Startup Tournament, where Mifundo took the top prize. Their cross-border lending platform addresses a key regional challenge: serving individuals with multi-country lives. As Mifundo’s CEO shared on stage, millions of Eastern Europeans working abroad struggle to access fair credit when they return home due to fragmented credit histories. By integrating data from over 70% of Europe’s credit bureaus, Mifundo enables local banks to make responsible, inclusive lending decisions and offer returning citizens the same conditions as domestic clients. It’s a win-win for financial inclusion and bank growth.

“There has been notable progress in the modernization and digitalization of financial services in recent years. However, there is still room for innovation, and cross-border lending remains a key area of opportunity. We estimate that around 45 million Europeans will apply for a loan in a country different from the one where they’ve built their credit history. Keep in mind that, according to Eurostat, 1.5 million Europeans move to a different EU country each year.” states Alex Blay, Head of Strategic Partnerships at Mifundo.

At UNCHAIN, lending wasn’t just about capital—it was about access, identity, and creating seamless pathways for financial empowerment in a fast-moving, mobile world.

FROM LEGACY TO LIGHTNING-SPEED: CLOUD, AI & THE DIGITAL BANKING LEAP

 This was where the sparks really flew. The Digital Transformation track at UNCHAIN wasn’t just about buzzwords—it spotlighted how institutions across CEE are trading old systems for fast, flexible, and future-ready infrastructure. From cloud-native platforms and AI-powered services to digital identity and EUDI wallets, the sessions brought together some of the sharpest minds reshaping finance’s digital backbone.

Leading the way, Raiffeisen Bank shared its bold leap into the cloud with Amazon Web Services (AWS), illustrating how major institutions can unlock agility, scalability, and innovation when they leave legacy behind. Garanti Bank introduced us to GIA, its AI-powered virtual advisor, which delivers 24/7 personalized assistance and exemplifies the growing role of conversational AI in modern banking. And Banca Transilvania showcased together with Finshape how BT GO is setting new standards for mobile banking—offering speed, simplicity, and smart services for millions of users. Their trailblazing progress was rightly honored during the event with the CEE Digital Bank of the Year Award 2025, powered by Visa—a well-earned recognition for Banca Transilvania’s leadership in redefining what a full-service digital bank of the future looks like.

A remarkable spirit of innovation was echoed in a panel featuring BRD Groupe Société Générale, Payten, Visa, Symphopay, and Transfond, which explored how real-time technologies and smarter liquidity tools are transforming corporate payments. The session underscored the growing importance of agile infrastructure and digital-first cash management in helping businesses stay efficient, competitive, and connected across channels.

A standout panel featuring IBM and IT Smart Systems zoomed in on the data-driven foundations of transformation—covering data governance, lineage, trust, and AI transparency. Experts emphasized that robust architecture and clear data ownership are now just as crucial as the front-end experiences. Building trust in data—from source to decision-making—emerged as a critical factor in accelerating innovation responsibly. It was a clear reminder: behind every great digital leap is a rock-solid data strategy.

The push toward neobanks and superapps was also in full focus. Agile players like Natech and Snappi demonstrated what’s possible when you build banking experiences from the ground up—lean, mobile-first, and deeply user-centric. As AI becomes increasingly embedded into core services, the conversation moved from automation to prediction, from customer service to customer intuition.

Resilience, of course, remained a central theme. Cybersecurity leaders like FORT emphasized the urgent need for fortified, real-time security frameworks, especially as digital ecosystems become more interconnected and data-heavy. Meanwhile, Namirial emerged as a key transformational player in the adoption of EUDI wallets, helping translate the EU’s vision for cross-border digital identity into practical, scalable solutions. Their efforts are paving the way for a more secure and user-empowered future in digital onboarding and authentication.

In short, the message was clear: digital transformation isn’t about catching up—it’s about staying ahead. And for those who embrace it fully, the future of finance is already here.

FINTERSECTIONS: WHERE FINANCE MEETS THE REAL ECONOMY

New to UNCHAIN this year, Fintersections explored one of the most exciting trends shaping finance today—the growing convergence of financial services, technology, and traditional industries. As banks, fintechs, and insuretechs aim to move closer to the end user, they’re embedding financial solutions directly into the platforms, journeys, and ecosystems that define daily life and commerce. Whether it’s agriculture, fleet & fuel, or retail, the message is the same: the future of finance isn’t just digital—it’s deeply contextual.

In the Fleet & Fuel vertical, the momentum was unmistakable. From Eurowag and E100 to Petrol Pay, Token, and Global Payments Europe, industry leaders discussed how financial services—payments, tolling, insurance, and credit—are being woven directly into the driver’s journey. Embedded finance is no longer a perk; it’s a competitive necessity, unlocking new revenue streams and operational efficiency for platforms like Autonom, Cargo Track, and Westaco. The panel explored how data, integration, and experience design are aligning to make fleet services smarter, faster, and more user-centric than ever.

Over in Retail, BNPL remained a strong theme. Platforms like Twisto and Klarna continue to refine how consumers shop online, but it was eMAG that made headlines by stepping fully into the fintech space with the launch of HeyBlu. Meanwhile, retailers like Auchan showcased how financial partnerships—especially through payment orchestration and credit options—can transform both checkout experience and customer lifetime value. And Pluxee turned heads with its innovative employee benefit programs, proving that smart incentives can drive real-world retail traffic while deepening the financial relationship with users.

In Agriculture, conversations focused on personalization, precision, and unlocking capital. Agricover presented a comprehensive vision for improving the financial lifecycle of farmers, from tailored lending to embedded insurance. NHR Agro Partners emphasized how precision farming isn’t just about tech—it’s about efficiency, sustainability, and profitability, making the need for intelligent financing even more urgent. That’s where players like Lande come in, offering new funding models and platforms that are finally addressing the capital access gap for SMEs in the agro sector.

At the core of Fintersections was a unifying insight: finance works best when it works where people work. Across industries, integrated financial tools are no longer just nice to have—they’re the engine of growth, trust, and transformation. UNCHAIN didn’t just talk about the future of finance—it showed where.

RISK, REWRITTEN: HOW INSURANCE GOT ITS GROOVE BACK AT UNCHAIN

At UNCHAIN 2025, insurance didn’t just show up—it transformed. Once seen as a slow-moving sector, it emerged as one of the most actively reimagined industries at the event. Across firesides and panels, the message was clear: in Central and Eastern Europe, insurance isn’t catching up—it’s leapfrogging.

The shift started with a deep dive into insurtech innovation across CEE. Leaders from FlowX.AI, InsurWiz, and Eazy Asigurări explored how tech is finally making digital insurance operationally viable at scale. While legacy challenges persist, the mood was optimistic—especially around startups and incumbents learning to co-create.

The regulatory landscape is changing, too. With the EU’s FiDA proposal back on the table, the idea of open insurance is gaining traction. As Andres Lehtmets highlighted, access to customer-permissioned data could redefine both competition and collaboration in insurance ecosystems.

A standout moment came during the AI in Insurance fireside, where panelists from RebelDot, Campion Broker, Hellas Direct and Marsh shared how AI is already powering claims automation, personalization, and fraud detection. The message: this isn’t hype—it’s already happening.

Insurance distribution, often overlooked, had its spotlight too. Founders revealed what it takes to go from pilot to scale—and as Erik Barna, UNCHAIN InsurTech industry expert noted, “we’re witnessing a rapid leap from pilot projects to fully scaled digital distribution models, especially in underserved markets like Romania, Bulgaria, and the Western Balkans.” This mix of local ingenuity and global ambition is fueling embedded insurance models in sectors like mobility and e-commerce, reporting conversion rates as high as 15–18% when integrated directly into partner ecosystems.

But insurance isn’t just being sold differently—it’s being redesigned. On-demand, modular, and behavior-based models are no longer theoretical. Panelists debated how far personalization can go within the limits of regulatory frameworks and operational complexity.

The most forward-looking discussion asked: how do we insure the uninsured? Embedded niche products—like pet insurance or micro-health coverage—are quietly expanding protection to people who’ve never bought insurance before. When integrated into everyday life, insurance shifts from product to service experience.

By the end of UNCHAIN, the takeaway was unmistakable: insurance in CEE is becoming a testbed for reinvention, driven not just by risk management, but by technology, empathy, and bold ideas.

REGULATION & INVESTMENT: STEERING THE FUTURE OF FINANCE IN CEE

At the heart of UNCHAIN’s dialogue was a shared understanding: innovation cannot thrive without regulation that’s both forward-looking and pragmatic. Across the region, central banks are taking the lead, not just as overseers but as active architects shaping the financial landscape.

Representatives from the National Banks of Romania, Croatia, Slovenia, and the Czech Republic painted a vivid picture of this evolving role. They are driving the rollout of low-cost, instant payment systems—a critical infrastructure aimed at making transactions faster and more accessible for everyone. But beyond speed, their mission is to build a system that is safe, resilient, and inclusive. As Claudiu Negrea of Romania’s central bank emphasized, this is about opening markets in a way that balances innovation with stability, ensuring trust in a rapidly changing ecosystem.

This regulatory momentum is mirrored in the transformation of capital markets, where blockchain technologies are moving beyond hype into practical application. Leaders from Binance, Billon Group, and Pekao Bank shared how blockchain is increasingly embedded into compliance and finance operations, a shift powered by clear frameworks like the upcoming MiCA regulation. These advancements are not just technical—they represent a new phase where regulators and innovators collaborate to unlock real value, fostering ecosystems where fintechs and traditional institutions thrive side by side.

Investment, too, is being reshaped by these changes. The panel of asset managers and fintech CEOs explored how the modern investor demands simplicity, speed, and digital empowerment. Platforms leverage AI, tokenization, and social features to meet diverse needs—from novice to expert investors. But all agreed that regulatory clarity remains essential to build confidence and unlock cross-border opportunities, creating a level playing field where innovation can scale without compromising safety.

Together, these conversations tell a powerful story: CEE is not waiting for the future of finance—it is defining it. Central banks are proving that thoughtful regulation can be a catalyst, not a constraint, while startups and institutions collaborate to build seamless, secure financial experiences.

What became unmistakably clear at UNCHAIN is that success in this region lies in integration—not just of technologies, but of voices. By bringing together regulators, financial institutions, entrepreneurs, and innovators from across CEE, UNCHAIN fosters the kind of cross-border dialogue that builds trust, dismantles silos, and lays the foundation for long-term growth. Only through genuine friendship and deep cooperation can we lower barriers, unlock capital, and lift the entire region onto the global stage. From regulators enabling open markets to startups embedding finance into everyday experiences, progress will come from working together—not in parallel, but in sync.

As Rik Coeckelbergs, author of The New Ethos in Banking, beautifully summed up,  “Everyone says their event is relaxed and relevant. UNCHAIN actually delivers that rare mix of serious ideas and genuine connections.” 

AWARD WINNERS

Digital Bank of the Year 2025: Banca Transilvania Sets the Standard

A major highlight at UNCHAIN 2025 was the “CEE Digital Bank of the Year Award,” powered by UNCHAIN x Visa, awarded to Banca Transilvania. The recognition reflects the bank’s groundbreaking strides toward becoming a truly full-service digital bank.

With its evolving BT GO and BT Pay platform, Banca Transilvania is delivering fast, intuitive, and AI-enhanced banking to millions—raising the bar for what modern banking can be. From seamless onboarding to always-on digital services, Banca Transilvania has blended innovation with usability in a way that’s both bold and customer-centric.

In a region accelerating toward digital maturity, BT stands out not just for its technology, but for its clear vision and execution—offering a blueprint for the future of banking in CEE and beyond. 

Startup Tournament: Mifundo Takes the Win at UNCHAIN 2025

The UNCHAIN Startup Tournament competition crowned Mifundo as its 2025 winner—recognizing the fintech’s bold mission to make cross-border lending as seamless as local credit.

By enabling banks to serve customers across the EU without borders, Mifundo is tackling one of the region’s most persistent pain points. Their tech-driven approach to portability and regulatory alignment struck a chord with judges and investors alike.

A well-earned victory that signals not just promise, but real momentum toward a more open and inclusive European credit market.

Looking forward to 2026!

*** 

About UNCHAIN Fintech Festival

UNCHAIN Festival is a premier event that brings together the financial and tech sectors from across Central and Eastern Europe, acting as a regional platform for cross-industry collaboration and innovation. Set in the historic Oradea Fortress, the festival connects markets, communities, and ideas, creating the space where emerging trends turn into actionable conversations and strategic partnerships. Since 2022, UNCHAIN serves as a regional launchpad, pushing innovation forward and bridging the gap between traditional industries and the future of finance. 

All of this is possible thanks to the foundational involvement of regional fintech innovators such as Visa, the event’s Main Partner, together with Raiffeisen Bank Romania, BRD Groupe Société Générale, Banca Transilvania as Banking Partners, Global Payments Europe, BLIK Romania, Payten Romania as Gold Partners, Hellas Direct,  RebelDot, Campion Broker as InsurTech Partners. Event sponsors that support innovation throughout the CEE region are Garanti BBVA,  SIBS Romania, Worldline Financial Services, Digital Systems, IT Smart Systems, Noda, Finshape, Amazon Web Services, NOTA, Namirial, FORT, Imobiliare.ro Finance, Austria Card, BTCBNK, Finqware, CMS Cameron McKenna and VeritaHR.

Hosting partnerships further strengthen the event’s regional ties, with support from Visit Oradea and Make IT in Oradea — a collaboration reflecting the city’s ongoing commitment to fostering innovation — alongside LOT Airlines, Oradea Airport, Autonom, Izvorul Minunilor, Digi, Duval Furniture, Darabont Winnery, Aerotravel and ADDJBH.

There are now over 400 fintech companies in Poland, with most clustered around payments, lending, insurtech, regtech, and wealth management. The sector’s grown in lockstep with a young, tech-savvy population and high internet penetration (around 84%), not to mention a mobile-first mindset that’s made Poland one of the continent’s top adopters of digital banking.

Domestic players like BLIK, Przelewy24, and mBank lead the charge with widely used payment solutions and innovative banking platforms. Meanwhile, global challengers like Revolut have found plenty of room to grow. Add in strong EU-aligned regulations, widespread PSD2 adoption, and an increasingly active VC scene, and you get a fintech market with a clear direction: ever forward. 

Regulation and Oversight in Poland’s Fintech Ecosystem

Poland’s fintech sector owes a lot to how its institutions have handled regulation over the years: firm when needed, but generally supportive of innovation. The Polish Financial Supervision Authority (KNF) has been the main regulatory force behind fintech developments, while the National Bank of Poland (NBP) plays more of a macro role. 

The NBP focuses on monetary policy, currency stability, and overall financial system oversight. It’s KNF, not NBP, that directly regulates financial institutions and fintech startups. Alongside them, the Polish Investment and Trade Agency (PAIH) has worked to promote the local ecosystem abroad and draw foreign players into the Polish market.

KNF has taken a pretty hands-on but open approach, launching initiatives like the Innovation Hub to help fintechs navigate legal requirements, and setting up a virtual sandbox for startups to safely test open banking solutions. There’s even a blockchain sandbox, developed in partnership with KDPW, that gives tech innovators room to experiment without immediate regulatory pressure.

The rollout of PSD2 was a major inflection point. Banks were required to open their APIs to third-party providers, which opened the door for a whole wave of fintech innovation. KNF helped shape the rules, backing projects like the national Polish API standard to keep things streamlined. Around the same time, a simplified license model (the Small Payment Institution) made it easier for early-stage fintechs to operate without the burden of full licensing.

Poland also follows the usual EU regulations (GDPR, anti-money laundering directives, and upcoming frameworks like DORA and MiCA) but what makes it stand out is how it balances compliance with flexibility. Startups still have room to build.

The FinTech Poland Foundation has been another key player, organizing working groups and creating a space where regulators, startups, and banks can collaborate, rather than just coexist.

All in all, Poland’s fintech regulation is a well-established framework. It’s not frictionless, but it works. And it’s one of the reasons why the sector has kept moving forward, not just in size, but in maturity.

A Hybrid Ecosystem: Banks, Fintechs, and the Tech Behind Them

Poland’s financial ecosystem doesn’t fit neatly into one category. It’s a hybrid space where traditional institutions go all-in on digital, neobanks and fintechs compete on user experience, and tech providers quietly power it all behind the scenes.

Commercial Banks and Neobanks: Digital by Design

Poland’s banking sector is dominated by a handful of large domestic banks, which have grown steadily from 2018 to 2025. With total banking assets reaching €564 billion in 2021, the country leads the CEE region by a wide margin, nearly doubling the value held by the second-ranked Czech Republic.

Names like PKO Bank Polski, mBank, and ING Bank Śląski consistently rank among the most digitalized in Europe. By mid-2024, 25.5 million Poles were actively using mobile banking apps, with PKO’s IKO app alone boasting over 6 million users, and mBank and Pekao close behind at around 3.3 to 3.4 million users each. Mobile banking has even overtaken traditional banking in usage.

PKO Bank Polski made headlines for implementing what it claims is the largest consumer-facing blockchain application in global banking, using it to verify documents and streamline customer interactions. Meanwhile, mBank is also investing in tech other than its own. The bank set aside €50 million to partner with and fund fintech startups, aiming to blend its institutional backbone with startup innovation.

On the other hand, neobanks like Revolut and Monzo saw Poland as a promising market early on, and they weren’t wrong. By late 2023, Revolut had nearly 3 million users in Poland, making it its second-largest EU market after Romania. It grew 48% year-over-year and recently integrated with the local BLIK payment system to better serve Polish users.

But it’s not just international players grabbing attention. Polish banks themselves have responded by ramping up their digital platforms and features to rival the user experience of these challengers. ZEN.com, sometimes dubbed “the Polish Revolut,” offers multi-currency accounts, cashback perks, and shopping protections (backed by a Lithuanian banking license).

And new players keep emerging. Aion Bank introduced a flat-fee subscription banking model, while platforms like N26, Monese, and Wise continue to appeal to Poland’s mobile-first, borderless banking generation. It’s a crowded field, but one that’s giving consumers real choice.

Fintechs and Tech Provers: A Diverse and Growing Crowd

Poland’s fintech scene has become one of the most dynamic in the region. From payments and wealthtech to insurtech and lending, it’s a mixed crowd – one that keeps growing in both number and maturity.

BLIK, the homegrown mobile payment system, is now baked into everyday life (from splitting a bill with friends to paying for groceries). Add in near-universal internet access and a population that’s deeply comfortable with digital banking, and it’s clear why fintech adoption is so high. Over 22 million people use online banking, and mobile banking apps from major players like PKO and mBank have millions of active users each.

Meanwhile, the country’s crypto ecosystem remains active, even if the rules are strict. Poland has taken a relatively cautious stance. Crypto platforms operate under heavy AML and licensing obligations, but they’re still part of the broader fintech mix.

On the technology side, Poland isn’t just producing consumer-facing fintechs. Established firms like Asseco and Comarch provide the core infrastructure used by banks and fintechs alike. But even on the bleeding edge, there’s momentum.

Blockchain is a great example. Poland became the first country where banking records were stored on blockchain at scale, thanks to an initiative led by the Polish Credit Office (BIK).

AI is also gaining traction. Polish fintechs are applying artificial intelligence in areas like fraud prevention and credit scoring, especially to serve customers who wouldn’t qualify under traditional risk models.

A Fintech Startup Scene Backed by Capital and Momentum

Poland’s fintech ecosystem has come a long way in a short time. Just a few years ago, it was mostly dominated by payment processors and a handful of digital innovators. Now, it’s home to over 400 fintech startups spread across verticals like payments, lending, insurtech, wealthtech, and crypto (and that number keeps growing). Between 2018 and 2022 alone, the sector nearly doubled in size, going from 167 companies to 299, and momentum hasn’t slowed since.

Payments remain the strongest segment. Poland is a regional leader in mobile and contactless payments, with nearly 100% of POS terminals supporting contactless transactions and over 93% of all cards being contactless-enabled.

PayPo, for example, helped Poland become a regional leader in Buy Now, Pay Later (BNPL) services. In 2022, Polish BNPL platforms financed over $515 million worth of purchases, with PayPo offering a 30-day deferral at no cost.

But beyond payments, the startup landscape is a lot more diverse. Platforms like Kontomatik, one of Poland’s earliest open banking players, now provide data aggregation and credit scoring APIs to both banks and fintechs. Przelewy24 and Blue Media continue to dominate as e-commerce payment gateways, integrating instant bank transfers and pay-by-link services that are widely used in Polish online shopping.

On the crypto and blockchain front, platforms like Ramp have taken things global. Based in Warsaw and London, Ramp raised $123 million across two rounds and built an API that lets users buy crypto directly inside apps (a solution that’s already gained serious traction in global markets).

There’s also Nethone, a fraud prevention startup that uses AI to detect high-risk behavior in real-time. It was acquired by French fintech MANGOPAY in 2022, marking a rare but notable Polish fintech exit.

Investment & Funding

The funding scene has caught up with the talent. Polish fintechs are now attracting attention from both domestic and global investors, with more funding going toward companies that are not only building cool tech but actually monetizing and scaling.

As mentioned, Ramp’s $123 million, PayPo’s rapid BNPL growth, and Nethone’s exit are all signs of momentum. Add to that ZEN.com’s early-stage backing and it’s clear the ecosystem is no longer just a playground, it’s a market.

Another funding channel picking up speed is equity crowdfunding. Platforms like Beesfund and Crowdway helped raise over $70 million in 2021 alone, up from just $5 million in 2018. Retail investors are showing growing interest in getting in early, especially with fintechs that already have visible traction.

Venture capital activity is also strong. Local firms like Inovo Venture Partners, Market One Capital, and Tar Heel Capital are actively backing fintech startups. PFR Ventures, a government-backed fund-of-funds, continues to channel EU and national money into early-stage rounds, while accelerators like MIT Enterprise Forum CEE and Huge Thing are still some of the best launchpads in the region.

Then there’s the public money. Between the EU’s Digital Poland program, the EFDD fund, and $149 billion unlocked in early 2024 under the National Reconstruction Plan, there’s a huge push to make Poland’s digital transformation happen, with fintech playing a central role.

Accelerators, Associations & Ecosystem Builders

Poland’s fintech boom didn’t happen just because of good talent and timing. It also had the right support system behind the scenes. A handful of accelerators, think tanks and public-private partnerships have pushed the ecosystem forward over the past decade.

The FinTech Poland Foundation is one of the key players in that space. Launched back in 2015, it acts like a central nervous system for the entire ecosystem. From research and events to bridging the gap between startups, banks, and policymakers, FinTech Poland has been instrumental in shaping fintech’s trajectory. It also helped launch Fintech Hub Polska, which aligns closely with public sector efforts to make Warsaw a next-gen financial center.

On the acceleration front, MIT Enterprise Forum CEE and Huge Thing are two of the most important names. Both are known for supporting early-stage fintechs through structured programs, mentoring, and access to pilot opportunities. Huge Thing often works with corporate partners and VCs, helping startups prepare for scale, while MIT Enterprise Forum CEE connects companies with international markets and enterprise clients.

Meanwhile, banks are contributing too. Alior Bank’s RBL_Start  accelerator has scouted fintechs working on things like payments, biometrics, and open banking. It offers access to test environments and real partnership potential. PKO Bank Polski, the country’s largest bank, has its own initiative called “Let’s Fintech with PKO”, where startups can co-develop and pilot their tools. This program has already led to live implementations, including a blockchain-based document verification system and streamlined mortgage processes.

Global networks have also taken notice. Polish startups have made it into cohorts of the Mastercard Start Path and Visa Innovation Program, giving them access to mentorship, exposure, and the kind of connections that matter when expanding abroad. Add to that Google for Startups Campus Warsaw, which provides workspace, workshops, and networking events, and you’ve got a pretty healthy startup launchpad.

There’s also Startup Poland, a founder-focused non-profit that works more on the advocacy side. It publishes detailed reports on startup trends, regulatory bottlenecks, and funding gaps, and acts as a voice for early-stage companies when it comes to shaping policy.

Support also exists at the city level. The City of Warsaw has actively collaborated with fintech firms to modernize services, like enabling contactless payments across public transport. Warsaw actually ranks 10th in the European Fintech Occupier Index, in front of bigger cities specialized in the sector, such as Munich and Milan.

In short, the fintech ecosystem in Poland hasn’t grown in a vacuum. It’s been carefully nurtured by a mix of local champions, global programs, and open-door collaboration with both public and private institutions. That support is a big reason why Polish fintechs stick around and scale.

Poland’s Ecosystem: Still Growing, Still Shifting

Poland’s fintech ecosystem has created a unique identity for itself, one shaped by collaboration, not just disruption. Traditional banks have embraced digital with surprising speed. Local startups have built successful products, not just MVPs. And foreign players haven’t taken over but simply added to the competition.

But the momentum doesn’t come without friction. Regulatory caution, especially around crypto and blockchain, can slow things down. And the competition between banks and fintechs (once complementary) is getting tighter as both sides fight for the same user base.

Still, the outlook remains strong. Digital payments are only going to get faster. Neobanking and embedded finance are warming up and with open banking and AI-powered services on the rise, the lines between bank, app, and infrastructure will keep blurring. Even blockchain, which has been more cautiously explored here than in some other markets, could see deeper integration.

In short, Poland isn’t just keeping pace with the rest of the CEE ecosystem. In more ways than one, it’s an important player in the race. And the fintech story here is far from over.

UNCHAIN CEE Fintech Tour – Poland, Wed, 16th of April

Next stop: Poland. On April 16th, the UNCHAIN CEE Fintech Tour turns its focus to one of the region’s most resilient markets. Join fintech experts, investors, banks, and policymakers as we unpack Poland’s financial transformation.Register now to be part of the conversation. And if you can’t attend, no worries—subscribe to our newsletter for the post-event recap.

Territorially, Ukraine is the biggest country in Europe, and with a population similar to Poland’s and nearly double Romania’s, you’d expect some scale. And you’d be right. The fintech space includes more than 170 players across payments, neobanking, lending, insurtech, crypto, and more. Payments lead the way, but there’s a healthy mix of startups and infrastructure providers popping up across the board.

Sure, the pace of innovation hasn’t always been lightning-fast. Outdated regulations, limited capital, low income levels—all of these have made growth harder. But despite the friction, the sector hasn’t stalled. Quite the opposite. Neobank transactions have exploded in recent years (87x since 2018), and 46% of digital asset revenue now comes from crypto. 

Despite the war, banks kept their doors open. Not to mention that Ukraine’s IT ecosystem is one of the strongest in Europe, and that backbone helped keep fintech operations running when it mattered most.

It’s a tough environment, marked by turmoil and distress. But the fintech ecosystem in Ukraine is adapting and quietly proving just how resilient a digital-first economy can be.

The National Bank and Regulation: A Foundation

When it comes to Ukraine’s financial ecosystem, the National Bank of Ukraine (NBU) is a main driver of innovation. Even in times of uncertainty, the NBU has stayed focused on modernizing the system, launching reforms and partnerships that keep the fintech space moving forward.

Back in 2020, the NBU rolled out its Fintech Development Strategy through 2025—a roadmap to build a full-fledged, modern fintech ecosystem in Ukraine. Now, with the finish line in sight, we’re seeing the results take shape. Open banking is in progress. Digital literacy is actively promoted. Crypto is slowly moving from gray zone to green light.

As part of this strategy, Ukraine adopted the Law on Payment Services in 2021, which came into force in August 2022. Despite not being an EU member, the law was modeled closely on the EU’s PSD2 directive, introducing open banking principles, new categories of payment service providers, and the foundation for secure third-party access to financial data via APIs by 2025.

In the past year alone, the NBU approved a new Open Banking Concept—setting the stage for third-party APIs and more fluid data sharing between banks and fintechs. It also pushed ahead with a digital Register of Non-Resident Accounts built on blockchain (Hyperledger Fabric, to be exact), launched an online credit register info service, and simplified the way documents are exchanged between banks and state registries. Step by step, the friction is being removed.

On top of that, the central bank signed multiple memorandums with international partners—from cybersecurity cooperation with the U.S. Treasury, to financial inclusion and war veteran support with the EBRD, to boosting institutional capacity alongside the Swiss government. It’s not all talk either: the NBU also launched a financial literacy platform called “Okay,” and co-signed an education partnership with Aflatoun International to improve financial awareness among youth.

The National Securities and Stock Market Commission registered Ukraine’s first credit notes and gave the green light for U.S. and German debt securities to be traded locally—small but symbolic steps for the future capital market growth. They also introduced a draft law to help regulate the crypto sector and signed cooperation deals with both the EBRD and the Warsaw Stock Exchange to help rebuild the market after the war.

Add to that partnerships with Mastercard, which has worked with the NBU and government stakeholders for over 25 years to expand access to digital payments—even under crisis conditions—and a fresh collaboration between the IFC and NBU to strengthen SME’s access to finance and you’ve got a picture of a regulatory system that isn’t just reactive. It’s proactive.

The NBU is even exploring the launch of a digital hryvnia (e-hryvnia), a central bank digital currency (CBDC) concept that could further modernize the payment system and support both retail and cross-border use cases. It’s still early days, but it signals how far the regulator is willing to go to stay ahead.

Commercial Banks, Fintechs, and Their Blurring Boundaries

In Ukraine, the banking landscape is a mix of state-owned giants, international players, and a growing wave of digital-first challengers. But despite the variety, state-owned banks still dominate everyday banking for most Ukrainians.

According to OpenDataBot’s 2025 index, PrivatBank, Oschadbank, Ukreximbank, and Ukrgasbank—all state-owned—are at the top, both in customer volume and total assets. The biggest of them all, PrivatBank, holds more than double the assets of its closest competitor, with around ₴466 billion vs ₴186 billion (equivalent of €10.41 billion vs €4.15 billion) for Oschadbank back in 2021—and the gap hasn’t narrowed much since. As of 2024, Ukraine’s top 20 banks reported a 14% income increase, showing that even during wartime, the sector isn’t just surviving—it’s growing.

Still, foreign-owned banks have carved out their niches. UKRSIBBANK, backed by BNP Paribas (60%) and the EBRD (40%), is one of the largest banks with international capital. It’s especially active in Ukraine’s IT sector, partnering with local clusters and supporting tech communities. Other key foreign players include OTP Bank (Hungarian), Credit Agricole (French), and Raiffeisen Bank (Austrian).

Competition isn’t the main story here: cooperation is. Most Ukrainian banks work closely with fintech companies to roll out new features, from salary advance services to insurance-backed lending products. In fact, 71% of the fintech companies say they actively collaborate with banks, and 40% name them as their main business partners.

Not to mention that over the last few years, neobanks like Monobank raised the bar for user experience, pushing traditional players to catch up fast. Banks like Sense Bank, PUMB, and A-Bank redesigned their mobile apps, added remote onboarding, streamlined lending flows, and made mobile-first service the norm.

Digitally speaking, Ukraine goes far above its weight. Opening a bank account takes under 10 minutes, thanks to remote verification and digital ID integration. Ukraine leads the region in contactless and mobile wallet adoption, with 44 banks supporting Apple Pay and Google Pay as early as 2021. In fact, contactless transactions surpassed chip-and-PIN and even became the default for public transit in many cities. A big reason for that is how aggressively banks have embraced tech. PrivatBank’s Tap to Pay, Sense Bank’s salary advance features, and Oschadbank’s veteran-focused products are just a few examples.

When the full-scale war began in 2022, digitization became a lifeline. Despite the chaos, all 69 banks stayed operational, thanks in part to emergency measures like the Power Banking network (2,300+ branches with backup power and connectivity) and cloud backups that moved critical banking data to servers in the EU, US, and Canada. Even during blackouts, card payments kept working—and in some cases, cashless transactions actually increased.

On the fintech side, Ukraine’s ecosystem is growing alongside this evolution. There are now more than 100 fintech companies in the market, many of them focused on retail financial self-service—digital wallets, consumer lending apps, embedded payments, and more. And they’re not just building for Ukraine. Many are also targeting international markets, or working behind the scenes as white-label tech providers.

The crypto-fintech connection is still developing, but Ukraine made headlines back in 2020 when Binance opened an account at IBOX Bank—its first ever partnership of this kind—with the Ministry of Digital Transformation involved in making it happen. The government’s been bullish ever since, predicting that by 2024, half the population could be using virtual assets, and Ukraine could break into the top 10 global crypto adoption rankings.

That being said, not everything runs the way it should. In early 2025, Revolut announced services for Ukrainian residents, including donations to the war effort and special edition cards. But within days, the National Bank of Ukraine issued a statement saying Revolut is not licensed to operate locally and is effectively offering services illegally. It’s a reminder that while the market is open to innovation, there are still rules.

Startups and Investment Landscape: Fortitude in Action

For a country at war, Ukraine’s startup ecosystem is doing more than just holding on. In 2024, it was ranked among the top three fastest-growing ecosystems in Central and Eastern Europe and is now the fourth largest in CEE by ecosystem value, right after Poland, Estonia, and Czechia. This ranking was determined through a combination of key metrics such as growth trajectory, startup valuations, venture funding raised, and ecosystem maturity, with Ukraine’s resilience and adaptability during the ongoing conflict contributing to its rapid development and international recognition.

One of the pillars of this growth is Ukraine’s deep and battle-tested IT sector. Even before the war, Ukrainian tech startups were already playing on a global stage. Post-2022, they’ve become even more agile, building products remotely, relocating when needed, and adapting fast.

However, the part that really sets Ukraine apart is that founders here build lean. According to UAFIC, 68% of fintech startups have already reached break-even or profitability, and 66% are entirely self-funded by their founders. That bootstrapping culture means Ukrainian startups are used to working with constraints, which came in handy when the war made venture capital harder to access.

Crypto also plays a unique role here. Ukraine ranked first globally in crypto adoption in 2021, and when war broke out, over $100 million in donations flowed in through crypto rails, facilitated by local players like Kuna and WhiteBIT. That same ecosystem has since expanded to offer crypto wallets, exchanges, and donation tools, many of which were launched or improved under wartime conditions.

Key Startup Players

A handful of early-stage startups are helping shape Ukraine’s fintech future:

• Fintech Farm – Founded by the creators of Monobank, it’s now exporting neobank models globally while developing new digital banking products at home.
  
• FinMap – A personal finance tool launched in 2019, helping individuals and SMEs to manage cash flow more effectively.
  
• Allpass.ai – A compliance startup offering automated identity verification. It received seed funding in 2022 and targets financial institutions.
  
• Trustee Wallet – A crypto wallet app designed for mobile users, first launched in 2019, and geared toward everyday crypto transactions.

The Investment Scene

On the investment side, the local support is solid. The Ukrainian Startup Fund (USF) was named “Best Seed Fund for Fintech” in 2023, recognized for backing startups during wartime and accelerating innovation when most countries would be in freeze mode. Seed grants, pitch events, and connections to investors have kept many teams afloat and building.

Speaking of investors, Ukraine’s fintech founders have long dealt with one major headache: getting bank accounts abroad. Even now, many report that EU and U.S. banks restrict access or delay onboarding, which complicates things when you’re trying to raise from international VCs or operate globally. But despite these obstacles, the investor pool is slowly widening. According to Vestbee, key funds like SMRK VC, TA Ventures, AVentures, and Horizon Capital continue to back Ukrainian startups, while diaspora-backed and regional VCs are also stepping up.

Government-backed programs have also been crucial in keeping the lights on. In 2022, Google launched a $5M Ukraine Support Fund for startups. Local initiatives like Seeds of Bravery, competitions via USF and UAFIC, and regional partnerships helped fill the gap while traditional VC pulled back.

Looking back, it’s worth noting how far things have come. In 2019, the Ukraine Fintech Ecosystem Mapping Report listed chronic underfunding, weak investor networks, and the absence of support programs as major challenges. Fast forward to today, and most of those gaps have been patched. Public–private support systems, accelerators, and specialized programs are everywhere, and Ukraine is getting better at telling its own startup success story.

Despite blackouts, displacement, and risk-averse capital flows, Ukrainian fintech startups are still launching, raising, and scaling. Not because it’s easy, but because the infrastructure, talent, and support systems are strong enough to make it possible. And that’s exactly what makes Ukraine one of the most interesting ecosystems to watch in the next few years.

Associations and Support: The Network Behind the Growth

Behind every solid fintech ecosystem is a network of institutions that do the less glamorous, but absolutely essential work: connecting startups, running events, pushing for policy change, and keeping the lights on (especially when those lights literally go out). In Ukraine, that role is filled by a mix of industry associations, accelerators, and international programs.

One of the bigger names is the Ukrainian Association of Fintech and Innovation Companies (UAFIC). Since 2018, it’s become the central voice of the fintech community, with over 80 members that range from banks to blockchain startups. It does a bit of everything: advocacy, research, education, and events. They host the UAFin.Tech conference (the biggest fintech event in Eastern Europe) and partner with regulators to shape policy on everything from PSD2 alignment to virtual assets regulation.

During the war, UAFIC pivoted fast. It offered relocation support, tracked the operational status of member companies, and even launched new initiatives to keep Ukrainian fintechs connected with international partners.

On the funding side, the Ukrainian Startup Fund (USF) continues to lead at the seed stage. In addition to grants and pitch competitions, USF launched educational initiatives like the USF Guide and helped local startups plug into global networks. In 2023, it partnered with UAFIC for fintech-specific challenges and was named Best Seed Fund for Fintech for keeping the ecosystem alive during the toughest times.

On the accelerator side, Unit.City continues to be one of Kyiv’s main tech hubs, with fintech startups among its most active residents. Their Ninja acceleration program provides early-stage startups with tailored mentorship, market access, and even legal aid—much needed when operating across wartime borders.

There’s also the Startup Wise Guys, the Estonia-based accelerator that went all-in on Ukraine. Their Growth Ukraine program, launched in 2023, brought selected startups (including fintechs) into an intensive 5-month program to prepare for expansion and fundraising. They called it a signal that “all eyes are on Ukraine”—and judging by the participation from global mentors and VCs, they weren’t wrong.

Meanwhile, some Ukrainian fintechs have made it into top-tier programs abroad. Y Combinator accepted startups like Fintech Farm (parent of Neobank)—a clear sign that global VCs see opportunity in Ukraine despite the challenges.

Multinational companies are also doing their part. Mastercard Start Path Ukraine, launched specifically for Ukrainian fintechs, offers product development support and mentorship—part of Mastercard’s broader push to help Ukraine rebuild digitally. Meanwhile, the Catapult Inclusion Ukraine program focuses on fintechs addressing financial inclusion, with grants and training for impact-driven ventures.

If you’re a Ukrainian startup looking for UK connections, there’s also the UK-Ukraine Tech Bridge, an initiative linking Ukrainian founders with UK investors, accelerators, and corporate partners. It’s designed to help startups scale internationally even while headquartered in a conflict zone. 

In short, Ukraine’s fintech growth isn’t just the product of clever founders. It’s also the result of an ecosystem that knows how to collaborate, adapt, and keep moving even in hard times.

Conclusion: Relentless, Prevailing, Moving Forward

Before 2022, Ukraine’s financial ecosystem was already in motion. Years of regulatory reform, digital innovation, and rising fintech adoption have set the stage for a modern, competitive market. The war could have derailed that, but instead, it revealed just how resilient this system really is.

Yes, what happened in the last years brought massive disruption. Investment slowed, physical infrastructure was hit, teams were displaced, and risks multiplied. But instead of collapsing, the ecosystem adapted. Startups switched to survival mode, banks activated continuity plans, regulators introduced wartime frameworks, and digital services filled the gaps when traditional ones couldn’t.

Now, more than two years in, what we’re seeing is recovery and reinvention. Today, Ukraine’s financial sector is both battle-hardened and forward-looking. 

Neobanks kept growing, fintechs kept building, and institutions like the National Bank and Ministry of Digital Transformation stayed on track with open banking, crypto regulation, and cross-border partnerships. Meanwhile, accelerators, VCs, and global companies didn’t pull back, but instead, they leaned in.

Naturally, challenges remain. Access to international banking for startups is still hard to get. Investment volumes haven’t returned to pre-war levels. And long-term uncertainty makes planning difficult for everyone. But the foundations—tech talent, regulatory openness, a collaborative culture—are still there. 

There’s still a long road ahead. Rebuilding trust, capital, and infrastructure takes time. As the geopolitical conflict eventually abates and reconstruction begins, Ukraine’s regulators and financial institutions will likely double down on innovation. Trends even suggest that Ukraine’s financial sector can not only recover but potentially emerge more modernized and competitive than before. 

UNCHAIN CEE Fintech Tour – Ukraine, 3rd of April

Next stop: Ukraine. On April 3rd, the UNCHAIN CEE Fintech Tour turns its focus to one of the region’s most resilient markets. Join fintech experts, investors, banks, and policymakers as we unpack Ukraine’s financial transformation.Register now to be part of the conversation. And if you can’t attend, no worries—subscribe to our newsletter for the post-event recap.

It’s a balancing act: stability vs. innovation, regulation vs. growth. Positioned between Western fintech hubs and emerging regional players, the market has doubled in size over the past six years, shaped by both domestic innovation and international entrants. 

Yet, despite the progress, venture funding is tighter, and profitability pressures are rising. This forces fintechs, banks, and regulators to rethink their strategies for long-term sustainability. As Hungary adapts to these new conditions, collaboration between fintechs, traditional banks, and regulatory bodies has become more critical than ever. 

Rules of the Game: How Hungary Regulates Fintech

Hungary’s regulatory environment since 2020 has been increasingly supportive of fintech innovation while maintaining EU-aligned safeguards. The Central Bank of Hungary (MNB) has taken a “welcoming” stance toward fintech, emphasizing uniform but flexible regulations that protect consumers yet give innovators room to grow. This keeps things clear and straightforward, with fintechs and traditional financial providers treated equally.

To further encourage innovation, the MNB established a regulatory sandbox in early 2019—among Central Europe’s first—and an Innovation Hub dedicated to guiding fintech companies through licensing and compliance challenges. By 2021, the central bank actively expanded these initiatives, working closely with universities, hosting hackathons, and launching an AI-powered chatbot for financial innovation queries. 

Additionally, MNB has experimented with blockchain-based NFT issuance as part of a smartphone app for Hungary’s Money Museum, allowing users to collect NFTs linked to real currency and explore blockchain applications in a controlled environment​.

Hungary’s Central Bank (MNB) also launched a pioneering pilot project for a Central Bank Digital Currency (CBDC) aimed at retail users—among the first in the EU—focusing initially on financial inclusion among primary school students and families. The digital currency pilot runs on centralized infrastructure developed by the MNB, reflecting Hungary’s proactive approach to exploring digital currency innovation.

Hungary’s fintech market operates within the broader framework of EU financial regulations, implementing key directives like PSD3 and the Payment Services Regulation (PSR), which standardize cross-border payments and security protocols. The Markets in Crypto-Assets (MiCA) regulation is also in effect, integrating crypto services into the regulated financial system, while DORA (Digital Operational Resilience Act) sets cybersecurity standards across financial institutions. Beyond these mandatory EU-wide measures, Hungary has introduced legislative amendments to simplify digital contracting and electronic verification, streamlining onboarding processes for fintechs and banks operating in the country.

On the sustainability front, Hungary introduced new ESG due diligence obligations for financial institutions in October 2024. Under the MNB’s ESG Guideline No. 9/2024, Hungarian financial institutions will gradually integrate ESG considerations into their credit risk evaluations starting July 2025. This guideline introduces a standardized ESG questionnaire covering environmental, social, and governance criteria, bringing Hungary fully in line with European standards on sustainability reporting and responsible lending practices.

Overall, Hungary’s regulatory environment remains practical and balanced. The MNB consistently demonstrates openness to innovation, while keeping regulations aligned with broader European standards to ensure stability and consumer protection.

Commercial Banks, Neobanks, and Fintechs: Market Dynamics

Hungary’s banking sector remains a key pillar of the economy, evolving rapidly in response to digitalization, regulatory shifts, and market consolidation. With 39 banks operating in the country, the sector is composed of 17 commercial banks, 11 specialized credit institutions, 9 foreign bank branches, and 2 guarantee institutions.

Digital adoption continues to rise – 76.8% of transactions are now digital, and 30.4% of customers actively use mobile banking​. The sector has also seen an increased push toward real-time transactions, with the Hungarian Instant Payment System (HIPS) processing over 349 million transactions in 2023, with most payments settled in under 2 seconds.

As the market evolves, three key forces are shaping the financial landscape: traditional commercial banks, which are rapidly digitizing while consolidating their positions, neobanks, which are challenging incumbents with digital-first solutions; and fintechs, which are increasingly embedded within both banking and payment systems.

Commercial Banks

Hungary’s commercial banking sector is led by OTP Bank, the country’s largest financial institution with a strong presence across Central and Eastern Europe. Domestically, OTP has focused heavily on digital transformation, introducing online account opening, digital loans, e-signatures, and “innovation branch” concepts to modernize customer experiences.

Its OTP Mobile’s Simple app has become a key player in mobile payments, while the OTP Startup Partner Program fosters fintech collaborations, reinforcing its role in Hungary’s financial innovation space. Despite competition from both neobanks and traditional players, OTP continues to set the pace for digital banking adoption in the country.

However, OTP isn’t the only major player. K&H Bank (part of Belgium’s KBC Group), Erste Bank Hungary, UniCredit, and Raiffeisen Bank are also significant forces in the market, with strong consumer and corporate banking operations. In response to changing customer demands, these banks have made significant digital investments—K&H and Erste have launched advanced mobile banking apps (K&H e-bank and Erste’s George platform), while MKB Bank, before its merger, undertook a full core banking system overhaul, switching to Oracle Flexcube to modernize its digital infrastructure.

One of the biggest changes in the Hungarian banking landscape was the creation of MBH Bank, formed through the merger of MKB Bank, Budapest Bank, and Takarek Group. The consolidation, which began in 2020 and was finalized in 2023, was part of a government-led effort to increase domestic control over the financial sector and create a strong competitor to OTP Bank. The newly formed MBH Bank instantly became Hungary’s second-largest financial institution, significantly expanding its capital base and customer reach.

At the same time, digital transformation is reshaping how customers interact with banks. Branch-based transactions have dropped below 3% while mobile banking usage continues to grow, forcing traditional banks to rethink their physical presence and invest more in digital services.

Neobanks in Hungary

The rise of neobanks in Hungary reflects a broader shift in consumer behavior, where digital convenience, cost-efficiency, and seamless user experience are driving adoption. Projections suggest that the number of neobank users in Hungary will continue to rise, reaching an estimated 568,330 users by 2028.

The most dominant player in Hungary’s neobank market is Revolut, which has experienced remarkable growth, surpassing 1.5 million customers in Hungary by late 2024. That figure represents roughly 13% of all  Hungarian bank cards in circulation, underscoring Revolut’s deep penetration into the market. Over 75% of Revolut transactions in Hungary now take place domestically, signaling its widespread use.

Another major player is Wise, which has positioned itself as a key cross-border payments provider. In 2020, it became the first fintech in the EU to obtain an MNB settlement account, allowing it to participate in Hungary’s instant payments system without an intermediary bank. This move marked a shift in financial infrastructure accessibility, making Hungary one of the first markets in Europe to open its payments network to non-bank financial institutions.

Beyond Revolut and Wise, a few neobanks in Hungary are carving out a niche in business banking. OneSafe makes it easier for companies to manage both fiat and crypto, offering multi-currency accounts, crypto-to-fiat swaps, and Web3 invoicing. Airwallex and Payoneer help businesses handle cross-border payments and expenses, while Wallester keeps things simple with customizable corporate cards and real-time tracking.

Fintechs & Tech Providers

Hungary’s fintech ecosystem has grown significantly over the past few years, driven by increasing demand for digital financial solutions, strong engineering talent, and supportive regulatory policies. The sector has more than doubled in size over the past six years, with over 200 active fintech companies in 2025. Most operate in the B2B space, providing banking software, payment processing, regtech, and digital lending solutions.

Rather than directly competing with banks, many fintechs collaborate with incumbents, providing white-label solutions or API-based services that enhance existing financial infrastructure. This has led to a symbiotic environment – banks gain high-tech solutions, while startups gain clients and investments.

As digital transactions surge and cyber threats increase, fintechs specializing in fraud prevention, AI-driven analytics, and blockchain-based payments are seeing rapid adoption​.

Hungarian businesses are also increasingly adopting fintech solutions for treasury management, hedging, and cross-border payments. Fintech-assisted risk management tools have grown significantly, with a 66% increase in forward transactions in 2024 as businesses seek multi-currency solutions and digital hedging tools​.

Key Players in Hungary’s Fintech Scene

SEON: Fraud Prevention & Cybersecurity

One of Hungary’s most recognized fintech firms, SEON specializes in fraud detection and cybersecurity solutions. Its AI-powered fraud prevention technology is used by financial institutions worldwide, including neobanks like Revolut, to combat identity fraud and cybercrime. SEON secured a $94 million Series B funding round, marking one of Hungary’s largest fintech investments.

Barion Payment: Leading Digital Payment Provider

Barion Payment Zrt. has become a major force in online payments, offering e-wallet solutions and a merchant payment gateway. The company provides businesses with secure, low-cost card processing services and data-driven payment insights, making it one of Hungary’s most widely used fintech payment providers.

Dorsum: Fintech for Investment & Wealth Management

A long-standing player in Hungary’s financial sector, Dorsum develops investment management software for banks, brokerage firms, and wealth managers. The company has successfully transitioned into fintech solutions, launching robo-advisory platforms and AI-powered wealth management tools to meet the growing demand for digital investment services.

Finshape: AI-Powered Banking Solutions

Formed from the merger of Hungary’s W.UP and Czech firm BSC, Finshape is a key provider of AI-driven banking personalization and data analytics solutions. The company helps banks enhance customer experience through real-time behavioral insights, offering AI-powered recommendations, financial insights, and automation tools.

Fintech Startups & Investment Trends 

Hungary’s fintech startup ecosystem has steadily expanded in recent years. While the overall startup landscape in Hungary has faced challenges, fintech remains one of the country’s strongest and most active sectors, alongside AI and EdTech.

Programs like the Fast Track Programme and the Hungarian Innovation Agency (NIU) have played a role in accelerating early-stage fintech development, while the National Bank of Hungary’s Innovation Hub and Regulatory Sandbox provide a testing ground for new financial technologies. 

One of the major strengths of Hungary’s fintech startup ecosystem is the Buy Now, Pay Later (BNPL) and SME financing space, with companies like Péntech and PastPay simplifying cash flow for businesses.

Other notable fintech startups include ff.next, which develops mobile banking solutions for younger generations, and Blueopes, which focuses on AI-driven investment tools with an ESG angle. 

Other Notable Fintech Startups:

• ThinkZee (Formerly BankZee) – A family banking platform designed for Gen Z, integrating financial literacy tools and secure banking features.
• SmartKassa – A fully digital fiscalized till system that integrates card payments and digital transaction management for retail businesses.
• Wyze.me – Develops AI-driven financial tools for better money management and decision-making.
• FintechX – A banking-as-a-service (BaaS) provider, helping companies integrate fintech capabilities into their platforms.
• Acounto – A digital accounting platform offering automated bookkeeping, payroll management, and tax advisory services.
• Payee – A legal debt collection fintech, integrated with Számlázz.hu, allowing businesses to initiate legal action on overdue invoices with just a few clicks.

Investment Landscape

Hungary’s fintech investment scene has evolved in recent years, but securing funding remains a mixed experience for startups. Despite the high interest of local venture capital firms, international investors, and bank-backed accelerators in the early-stage fintechs, Hungary isn’t among the top investment destinations in Eastern Europe. Compared to regional leaders like Poland and Estonia, Hungary’s startup funding volume remains relatively small, meaning fintechs looking to scale often seek foreign capital to fuel growth​.

The biggest challenge isn’t early-stage funding—it’s follow-on investment. In 2024, late-stage funding (Series A to C) made up over 63% of total investment volume in Eastern Europe, yet Hungary sees fewer large-scale rounds, making it difficult for startups to move beyond the initial phase. At the same time, fintech remains one of the strongest investment sectors, accounting for 23.4% of total venture funding in the region, which signals strong long-term potential​.

That being said, some fintechs have broken through. SEON’s record-breaking $94M Series B round led by IVP from Silicon Valley remains one of Hungary’s biggest fintech success stories, while PastPay’s €12M Series A secured backing from UK-based Platina Capital.

On the local front, Hiventures, a state-backed VC fund, remains one of the most active investors, funding multiple early-stage fintechs, while PortfoLion Capital (linked to OTP Bank) has backed scale-ups like SEON and Finshape. Meanwhile, bank-run accelerators like MBH Fintechlab (formerly MKB Fintechlab) have played a role in nurturing fintech startups, integrating them into Hungary’s broader financial ecosystem.

Looking ahead, the path to scaling remains a challenge, but Hungary’s fintech sector is in a strong position, benefiting from solid investor interest, regulatory support, and a growing reputation in AI-driven financial services. Whether the country will produce its first fintech unicorn in the coming years remains to be seen—but the momentum is there.

Industry Support: Accelerators, Associations, and Their Role

A network of accelerators, incubators, and industry associations underpins Hungary’s fintech community. The most prominent industry association is the Hungarian FinTech Association (HFA), established in April 2020 as the first independent representative body for the fintech sector​. HFA’s mandate is to strengthen the ecosystem’s competitiveness, represent fintech companies’ interests in dialogue with regulators, and promote Budapest as a regional fintech hub.

Another key industry body is the Electronic Payment Service Providers Association (EFISZ), which plays a major role in advancing cashless payments and digital finance solutions in Hungary. EFISZ works closely with regulators, banks, and fintech companies to support the development of sustainable electronic payment ecosystems, facilitate industry cooperation, and protect consumers. 

On the traditional banking side, the long-established Hungarian Banking Association continues to operate, representing commercial banks in regulatory matters and often cooperating with fintech bodies on joint initiatives (for example, some working groups on instant payments and cybersecurity include both bank and fintech representatives).

In terms of accelerators and incubators, MKB Fintechlab (now MBH Fintechlab) has been a key pillar. Founded in 2016 and still active through 2020–2023, Fintechlab was Hungary’s first bank-backed fintech incubator, and it has maintained its role as an innovation lab for the banking industry​. It offers startups a structured program with mentorship, pilot opportunities inside MKB/MBH Bank, and typically a seed investment. Many of today’s noted fintech startups (Family Finances/ff.next, Blueopes, Péntech, etc.) are alumni of MKB Fintechlab’s program

In parallel, OTP Bank’s Startup Partner Program has functioned as a de facto accelerator on an annual basis – OTP scouts fintech startups from Hungary and internationally run a lab to test their solutions and often continues with partnerships or investments for the best performers. Another notable name is the Hungarian Blockchain Coalition which was set up in 2022 with government and private stakeholders to explore blockchain use cases (including in finance).

Conclusion: Current Market Snapshot

As of early 2025, Hungary’s financial market is one of increased digitalization, a maturing fintech sector, and a banking industry adapting to new realities. On the consumer side, cashless payments have reached record levels. The combination of the Instant Payment system and the pandemic-induced shift in habits means Hungarians pay by card or mobile more than ever before – by 2023, an estimated 56% of Hungarians were regularly using cashless payment methods even for everyday purchases like groceries. Contactless technology is ubiquitous (over 93% of cards and 95% of payment terminals now support NFC tap-and-go payments​), and mobile wallet usage is rising steadily (Apple Pay, Google Pay, and local wallets are commonly linked to bank accounts). 

The MNB’s long-term goal to achieve 60% electronic payments in all transactions by 2030 appears increasingly attainable​. Meanwhile, the rapid adoption of neobanks – with Revolut’s 1.5 million user milestone – indicates a significant portion of the population is comfortable managing finances through non-traditional channels​. 

This has nudged the incumbent banks to improve customer experience. Most banks now offer fully online account openings and have refreshed their mobile apps to remain competitive. The result is a consumer market with more choices (and better services) than a few years ago, though also one where customer loyalty is tested by easy switching to fintech alternatives.

The fintech startup ecosystem in Hungary has evolved from emergent to early maturation. We see a cohort of startups that have grown into scale-ups with regional or global presence (e.g. SEON, which now has a global client base, or Tresorit in cybersecurity exiting to a Swiss firm), alongside a continuous pipeline of new startups tackling niche problems.

In terms of challenges, fintech firms face the same macroeconomic headwinds as others – the high inflation and energy costs of 2022–23 tested resilience, but most fintechs, being lean and VC-funded, navigated through by focusing on export markets and efficient growth. Access to capital has remained positive, though the global tech downturn in 2022 made investors more selective. Hungarian startups with solid traction (like PastPay) still raised sizable rounds, whereas very early-stage teams now often go through accelerators or grant programs for initial funding.

The market today is more digital, more competitive, and more connected to global fintech currents than it was pre-2020. Looking ahead, stakeholders are focused on maintaining this momentum: the MNB has updated its Electronic Payments Strategy for 2024+ to further increase cashless transactions​. 

Investors are watching for the next breakout fintech successes and banks are embracing fintech collaborations (or acquisitions) as part of their core strategy. Despite economic uncertainties, the overall trajectory of Hungary’s financial sector is modernization and growth.

UNCHAIN CEE Fintech Tour – Hungary, 20th of March

The UNCHAIN CEE Fintech Tour continues on March 20th, turning the spotlight on Hungary’s fintech market. The event will bring together founders, investors, financial institutions, and regulators to explore the opportunities and challenges shaping Hungary’s fintech landscape. Register now to secure your spot in the event. And if you can’t make it, subscribe to our newsletter to get the full post-event rundown.

But fintech doesn’t exist in a vacuum. The country’s financial sector, shaped by decades of transformation from a state-controlled system to a competitive market, has played an equally important role in paving the way for this growth.

While Romania benefits from a growing interest in digital transformation, it also navigates the challenges of a traditional financial market that has been slow to adapt to change. This blend of progress and conservatism makes Romania’s fintech story unique—a mix of ambition and caution that shapes the way the sector evolves.

Regulatory Landscape

Romania’s fintech regulations are still a work in progress, but they’re heading in the right direction. While there’s no specific legal framework just for fintechs, most activities fall under existing financial regulations, like those for payment services, electronic money, and anti-money laundering (AML). The regulatory approach focuses on what the business does, not the technology it uses—something called “technological neutrality.”

The National Bank of Romania (NBR) plays a major role here, overseeing payment services and electronic money institutions to ensure compliance with both local and EU regulations. Alongside NBR, the Financial Supervisory Authority (ASF) oversees non-banking financial markets, including capital markets, insurance, and private pensions, playing a key role in maintaining financial stability. More recently, ASF and NBR have been working together to develop a regulatory framework for digital assets, aiming to balance innovation with investor protection.

Romanian regulators have also introduced initiatives to make innovation easier. The NBR’s FinTech Innovation Hub provides fintech companies with a space to discuss compliance questions and navigate regulatory hurdles. Similarly, the ASF’s regulatory sandbox lets companies test new products in a controlled environment, giving them room to experiment while staying within the rules.

Aligning with EU Standards

Romania’s alignment with EU directives, such as PSD2 and the 5th Anti-Money Laundering Directive, provides fintechs with a clear framework to operate. Recent amendments to AML rules, for instance, now allow electronic identification methods, making digital onboarding smoother and more accessible for companies. Additionally, new eIDAS 2 and 3 regulations are set to further standardize digital identification across Europe, ensuring fintechs can offer seamless authentication and electronic signature services across borders.

Cybersecurity and operational resilience are also under the spotlight with the Digital Operational Resilience Act (DORA), which will introduce stricter security and risk management standards for financial institutions, including fintechs. The NBR joined by ASF and DNSC are overseeing its implementation, with banks in Romania already undergoing cybersecurity testing ahead of the regulation’s enforcement in January 2025.

 DORA focuses specifically on the financial sector, while something like the NIS2 Directive, implemented in Romania through OUG 155/2024, applies to a broader range of industries, including banking

One example of regulatory enforcement in action is TOKEN’s recent authorization as a payment institution by the NBR, allowing it to handle both online and in-store payments under PSD2 regulations. This approval highlights Romania’s ongoing efforts to support fintech innovation while ensuring compliance with European payment laws.

Still, navigating regulations remains a challenge for fintech companies. Romania does not yet have a dedicated regulatory framework tailored specifically for fintechs, meaning companies often operate within broader financial regulations that may not fully account for the nuances of emerging technologies. This can create areas of legal uncertainty, particularly for startups and firms working with new financial models. At the same time, fintechs must engage with multiple regulatory bodies, which can be a resource-intensive process.

The State of Banks, Neobanks, and Fintechs in Romania

Romania’s financial sector is evolving quickly, with banks, neobanks, and fintech companies adapting to meet changing consumer expectations. In recent years, the banking market has undergone significant consolidation, with major acquisitions reshaping the sector. Notable transactions include Banca Transilvania’s acquisition of OTP Bank România, UniCredit’s merger with Alpha Bank România, and Intesa Sanpaolo’s purchase of First Bank.

Beyond consolidation, Romania is home to some of the region’s most significant financial players. Banca Transilvania has grown into the largest bank in Southeast Europe, strengthening its position through acquisitions and digital transformation. Also, CEC Bank, a state-owned institution, remains a key player in the local financial system, and recent government initiatives are set to establish a third state-owned bank, Banca de Dezvoltare a României (BDR), to further support economic development.

Much of this evolution has taken place against a backdrop of relative financial stability, shaped in large part by the long-standing leadership of Mugur Isărescu at the National Bank of Romania (NBR). As the world’s longest-serving central bank governor, Isărescu has played a key role in maintaining economic balance, allowing the banking sector to modernize while ensuring stability during major economic shifts.

As of 2023, Romania’s fintech ecosystem consisted of approximately 84 companies, with digital payments leading the way as the dominant sector. That same year, the number of fintech users in Romania reached 10.1 million, with the majority actively using digital payment services. The total fintech revenue within the Romanian banking system peaked at around $74 million in 2023, including $10.9 million from digital investment.

Innovations in the Market

Traditional banks, such as Banca Transilvania are embracing digital transformation to streamline services and improve customer experiences. Many are adopting technologies like automation, artificial intelligence, and predictive analytics, while open APIs are enabling better integration with fintech solutions.

A key example of this shift is George, Erste Bank’s digital banking platform, which has reached 10 million users across six countries—including 2.34 million in Romania alone. Romanian specialists have played a crucial role in its development, making up 25% of its engineering team. Similarly, Raiffeisen Bank Romania has doubled the number of digital loans issued, with four times more customers opening accounts directly from their phones, and digital wallet transactions up 87%. These trends indicate that digital banking is no longer just a feature of neobanks—it has become a core strategy for traditional banks as well.

But speaking of neobanks, they are definitely a contributor to reshaping the market, with Salt Bank leading the way as Romania’s first fully digital bank. Originally Idea::Bank, it was acquired by Banca Transilvania and later rebranded as Salt Bank. To power its neobank transformation, Salt partnered with Engine by Starling, the SaaS division of UK-based Starling Bank, launching its digital-first platform in 2024. Starling is a pioneer in the digital banking world and one of the first mobile-only banks built entirely in the cloud and on its own proprietary technology.

Prior to that, Revolut has rapidly expanded in Romania, making it the company’s second-largest retail market globally. With over 3 million users as of 2023, Revolut has strengthened its presence in Central and Eastern Europe, particularly in Bucharest, which has the highest concentration of Revolut users in the EU. In December 2024, Revolut Bank UAB’s Romanian branch became officially active, granting the company full banking license status in the country. 

Digital payments are by far the largest segment in Romania’s fintech market. In 2022, the total transaction value reached approximately €8,041 million, and projections show this figure could nearly double to €15,860 million by 2027. This growth highlights how fintech companies are shaping consumer behavior and increasing adoption of digital financial tools.

Beyond standard market payments, Romania’s market has diversified with other payment options including digital wallets (Apple Pay, Google Pay), Buy Now, Pay Later (BNPL) solutions (TBI Pay, Mokka), and online payment processors (PayU, NETOPIA Payments, EuPlătesc). At the same time, more alternative payment methods like instant bank transfers and in-store QR code payments are gaining traction, reflecting an evolving digital financial landscape.

Visa has been a key driver of innovation in Romania’s payments sector. In 2020, it introduced Tap to Phone, a solution that enables merchants to accept contactless payments directly on Android devices with NFC, removing the need for additional hardware. This innovation gained traction, especially during the pandemic, as digital transactions surged.

Beyond private sector innovations, Romania’s banking ecosystem is also seeing advancements in state-backed digital payment solutions. In October 2024, RoPay was launched as a national instant payment system developed by TRANSFOND and the Romanian Banking Association, allowing users to transfer money instantly via mobile banking apps using QR codes, NFC, or phone numbers. 

At the same time, Ghișeul.ro, Romania’s official state-run online payment system, launched a mobile app enabling citizens to pay taxes, fines, and fees directly from their smartphones, further reinforcing the country’s shift toward digital financial solutions.

Fintech Market Expansion

Romania’s fintech ecosystem is evolving beyond local startups, with major international players entering the market and established fintechs consolidating their positions.

One of the latest entrants is Token Financial Technologies, which expanded into Romania in 2023 through its Odero brand, investing €7 million to modernize in-store payments and support merchant adoption of digital transactions. Another major development came with the National Bank of Romania authorizing BLIK, Poland’s instant payment system, which is now integrating with local banks to offer seamless mobile transactions. These moves highlight the growing interest in Romania’s digital finance landscape, particularly in the payments sector.

Beyond new market entrants, the fintech sector is also seeing consolidation. In December 2024, PragmaGo completed its acquisition of Telecredit, strengthening Romania’s alternative lending market and improving digital financing options for SMEs. Meanwhile, FintechOS, a company with hopes to become the next local unicorn after UiPath, continues its global expansion. It leverages its low-code solutions to help banks and insurers accelerate their digital transformation, further positioning itself as one of Romania’s most promising fintech scale-ups.

Challenges in the Sector

While Romania’s fintech sector has grown significantly, it still faces structural and market challenges that shape its future trajectory. Compared to Western European markets, financial infrastructure in Romania and across the broader CEE region is still evolving, leaving room for both development and innovation.

One of the biggest opportunities for growth is financial inclusion. While digital banking adoption is high in urban areas, access to financial services in rural regions remains uneven. This gap represents both a challenge and an untapped market, with fintech companies and traditional banks working to expand financial accessibility through digital-first solutions.

At the same time, cybersecurity risks are increasing as digital services expand, making security and fraud prevention a top priority for financial institutions. Regulatory frameworks such as DORA aim to strengthen operational resilience, but ensuring compliance and customer protection remains a continuous effort.

Despite these challenges, Romania stands out as one of the most digitally progressive markets in the region. Romanians have proven to be early adopters of financial technology, as seen in Revolut’s rapid expansion and the success of digital banking solutions like George. The country’s strong IT workforce has also played a key role in driving innovation, with many global fintech platforms tapping into Romanian talent for development and expansion.

Startups & Investments 

Romania’s fintech sector is rapidly growing, with an increasing number of innovative companies entering the market each year. Overall, the country is home to more than 1,600 active tech startups across various industries, with the fintech segment contributing significantly to a total startup valuation of around €19 billion.

The booming IT sector has been a major factor in this growth, helping to position Romania as a key player in Europe’s startup ecosystem. In fact, Romania is ranked 8th in Eastern Europe and 44th globally when it comes to startup ecosystems. On average, startups here raise about $7 million each, which is no small feat.

Startups to Watch

Several Romanian fintech startups have been distinguishing themselves both locally and internationally, reflecting the sector’s increasing maturity. Instant Factoring, already a key player in SME financing, expanded into Spain in May 2024, following strong performance in Romania and Serbia. 

Similarly, Pago, a popular bill payment and subscription management platform, secured €2.3 million in Series A funding in October 2024, fueling its expansion into five European countries, including Italy, Poland, and the Czech Republic. Pluridio, a rising fintech in lending solutions, is also scaling its operations beyond Romania.

Another standout is FlowX.AI, a Romanian fintech focused on modernizing banking infrastructure through AI-driven solutions. In 2023, the company secured a record-breaking $35 million Series A investment, the largest of its kind for a Romanian startup. This funding, backed by investors such as Dawn Capital, is fueling FlowX.AI’s expansion as it helps banks accelerate their digital transformation.

Beyond that, here are other notable names in the startup fintech sector:

• Prime Dash: Financial analytics and forecasting for smarter business decisions.
• Symphopay: Point-of-sale payment integration with analytics and loyalty tools.
• Lendrise: Fintech enabling digital identity & creditworthiness globally.
• Bankata: Financial comparison tools and personalized banking insights.
• Lendox: Lending platform that streamlines loan processing and credit risk assessment.

Challenges in the Ecosystem

That said, it’s not all smooth sailing. Many fintech startups still struggle to secure the funding they need to grow. While the appetite for innovation is definitely there, accessing investment remains a challenge, especially for early-stage companies trying to scale in a competitive market. Building relationships with investors and convincing them of long-term value often takes significant time and effort.

Investment Trends and Market Size

The investment landscape in Romania has been picking up steam. In the second half of 2024 alone, angel investors in the TechAngels network poured €2.76 million into tech startups. Platforms like SeedBlink have also played a big role in connecting early-stage companies with funding opportunities, mobilizing over €145 million in startup investments by 2022. 

Romania’s fintech sector has also drawn increasing attention from international investors. FlowX.AI’s record-breaking $35 million Series A round in 2023, but beyond international interest, local investment networks are also driving fintech growth. Transylvania Angels Network (T.A.N.), one of Romania’s leading angel investor groups, has facilitated over €3.5 million in investments across 30+ startups, including fintech companies like iFactor.

At the same time, larger funds are reinforcing Romania’s position in the CEE fintech landscape. In early 2024, GapMinder Ventures launched an €80 million venture fund, the largest of its kind in Romania, backed by investors like the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD). The fund prioritizes early-stage B2B startups across Romania and neighboring countries, with a focus on fintech, cybersecurity, enterprise automation, and data analytics.

Digital investment platforms are also gaining traction, with the market expected to grow by 11.66% annually, reaching $4 billion by 2028. These trends suggest that while challenges exist, there’s a lot of room for optimism as more investors start to back Romanian startups.

Associations and Support 

Romania’s fintech scene isn’t just about startups and big players—it’s also supported by key associations and institutions working behind the scenes to drive growth and collaboration. Here’s a look at who’s helping the ecosystem thrive:

RoFintech – The Romanian Fintech Association

Founded in 2020, RoFintech is the go-to organization for fintech companies in Romania. It helps startups navigate regulations, connects them with resources, and advocates for the industry at both national and European levels. The association is all about fostering collaboration and opening doors for Romanian fintechs to expand internationally.

Romanian Banking Association (ARB)

Founded in 1991, the Romanian Banking Association (ARB) represents the interests of the banking sector, promoting a stable and competitive financial environment. ARB plays a critical role in facilitating dialogue between banks, regulatory bodies, and stakeholders while working to align Romania’s financial sector with international standards.

Romanian Treasurers’ Association (ATR)

Established in 2015, the Romanian Treasurers’ Association (ATR) is a non-profit professional organization supporting specialists in corporate treasury, financial markets, and corporate finance. ATR fosters collaboration and knowledge-sharing among its members while advocating for a more mature and competitive financial market in Romania. The association also organizes training sessions and events to strengthen industry expertise.

Accelerators & Incubators 

Beyond regulatory support, Romania’s fintech ecosystem benefits from dedicated accelerators and incubators that help startups scale, secure funding, and expand internationally.

• InnovX– One of the leading fintech accelerators in Romania, helping early-stage and scale-up startups connect with investors, corporate partners, and global markets.
• Techcelerator – Next FinTech – A program selecting top fintech and SaaS startups, offering support for product development and access to venture capital networks.
• RoFintech Incubator – A planned initiative aimed at fostering the next generation of Romanian fintechs, providing mentorship, networking, and early-stage guidance.

These programs play a crucial role in bridging the gap between startups and investment, ensuring that fintech innovators in Romania have the resources and support needed to grow.

Challenges and Opportunities

Romania’s fintech sector is expanding rapidly, but growth comes with its share of challenges. One of the biggest challenges remains political instability, with frequent government changes and unexpected legislative shifts that impact the business environment. Recent policies, such as the so-called “Ordonanța Trenuleț,” have raised concerns among companies about the predictability of regulations. 

At the same time, regional geopolitical tensions—including the ongoing war in Ukraine—continue to affect investor confidence, although local economic instability often outweighs external factors in shaping market uncertainty.

Another challenge is the lack of specialization in fintech. While Romania has a strong IT industry and a booming SaaS sector, fintech expertise remains relatively scarce. Many developers and entrepreneurs have experience in general tech but not in the complex regulatory and financial aspects required for scaling fintech solutions. This gap makes it harder for startups to find the right talent and expertise needed to compete in an increasingly sophisticated market.

To address this, Romania’s academic sector and financial institutions have launched initiatives to train the next generation of fintech professionals. Babeș-Bolyai University in Cluj-Napoca, in partnership with Banca Transilvania, now offers a “Data Science for Industry and Society” master’s program, equipping students with financial data analysis skills. EximBank collaborates with ASE Bucharest on internship programs, providing students with practical exposure to banking and fintech operations. Meanwhile, Banca Transilvania’s EU-cofinanced education projects support professional training and help students transition into the workforce, fostering a stronger pipeline of fintech professionals.

Despite obstacles, Romania’s fintech ecosystem presents enormous growth opportunities. The country has a growing appetite for digital financial solutions, with high adoption rates for digital banking, instant payments, and contactless transactions. The rise of unicorns and soonicorns in the tech space has created a ripple effect, inspiring new fintech startups and attracting global investors who see Romania as a strong emerging player in the sector.

Romania is also becoming a key market for fintech, payment, and infrastructure providers. Many international fintechs looking to expand in the CEE region see Romania as a natural next step due to its strong consumer base and tech-savvy population. Established players like Visa, Revolut, and PayU already have a significant presence, while other companies are actively eyeing Romania for expansion. The bigger question for Romania now is how fast it can catch up to other countries like Poland and establish itself as a true financial powerhouse in Central and Eastern Europe.

Conclusion

Romanians have a saying: Românul se naște poet (the Romanian is born a poet), a nod to the nation’s creativity and ability to find solutions where others see obstacles. The same applies to the country’s fintech sector, where ambition and adaptability are driving growth despite obstacles. The real challenge now is scaling beyond national borders. With the right tools, collaborations, and a bit of that signature Romanian ingenuity, local fintechs have the potential to make a mark on the global stage.

For those looking to dive deeper into Romania’s fintech evolution, UNCHAIN’s Fintech Tour is making its next stop in Romania on March 6, 2025. It’s the perfect opportunity to connect with industry leaders, explore emerging trends, and see firsthand how Romania is shaping the future of fintech in the region.

Our CEE Fintech Tour kicks off with Moldova, where digital finance is gaining momentum. Banks are modernizing, regulations are aligning with European standards, and digital payments are becoming increasingly common.

Short on time? Here’s a quick summary:

• Moldova’s fintech sector is still emerging, but digital finance is on the rise.
• Traditional financial service providers are driving digitalization forward.
• Funding remains a challenge but new investment is increasing

Fintech may not be the first thing that comes to mind when thinking about Moldova. A small market, a developing economy, and a financial sector that has only recently begun catching up. But change is happening—gradually and unmistakably.

Banks are starting to move beyond traditional models and there’s a growing push for digitalization. Yet, significant hurdles remain. Regulatory challenges and limited funding make it difficult to position fintech as a key driver of economic growth.

So, where does Moldova currently stand in the fintech space? And more importantly, where is it headed?

Rules, Regulations, and Reality

If there’s one thing fintech companies love, it’s clarity. And that is especially true when it comes to regulations. In Moldova, the country’s financial framework has been evolving. Influenced by European standards and a growing push for digital finance, it’s on its way. 

At the center of it all, the National Bank of Moldova (NBM) plays a key role in keeping the economy stable and making sure the banking system runs as it should. In 2023, the economy grew by 0.7%, recovering from a decline, partly due to NBM’s efforts.

One of the biggest steps forward has been aligning with European fintech regulations, particularly PSD2 (Payment Services Directive 2)—even though Moldova is not an EU member state. Despite this, the country has implemented key PSD2 principles, setting up a framework for payment account services, remittances, and open banking. 

In 2024, NBM took a big step forward, submitting Moldova’s application for SEPA membership and launching MIA, the Instant Payments System. These changes are meant to bring Moldova’s financial sector closer to EU standards and make payments easier for everyone.

On the compliance side, Moldova is also pushing forward with eKYC (electronic Know Your Customer). This will help reduce the cost to onboard new clients to digital finance solutions, helping to promote the access to digital financial services..  Looking ahead to 2025, NBM’s Strategic Plan focuses on financial stability, innovation, advancing monetary policy tools, and supporting Moldova’s EU integration. The goal is to build a stronger, more modern financial system that supports the country’s growth.

Source: https://www.bnm.md/en/content/strategic-plan-national-bank-moldova-bnm-2025 

Where’s the Money?

Right now, traditional banks still run the show in Moldova. As of March 2024, 11 licensed banks are operating under the National Bank of Moldova (NBM), holding the majority of the country’s financial assets. These banks are stable, profitable, and growing, with most of their profits coming from traditional lending and investing in debt securities.

The bigger issue is that lending is still tight. Loans make up only 43% of bank assets, and Moldova has one of the lowest loan-to-deposit ratios in the region. Banks are sitting on cash, but not lending as much as they could, which limits business growth and investment opportunities.

One of the biggest players in Moldova’s banking sector is Maib (Moldova Agroindbank). It holds a 37.4% market share in total loans and reported a net profit of MDL 399 million (€20.6 million) in Q3 2024, a 21.4% increase year-over-year.

That being said, mobile-first financial services are starting to make their way into the market. In 2023, Moldcell launched ‘moldcell money’, becoming the first telecom operator in Moldova to offer a full-fledged digital wallet. 

The market is definitely going in the direction of digitalization. OTP Bank Moldova is doubling down on digital transformation and sustainable growth, earning recognition as Best Bank for SMEs, Corporates, and Corporate Responsibility. 

At the same time, Victoriabank has also been prioritizing digital banking and customer engagement. In 2024, it made a major move by acquiring BCR Chișinău, with support from Financial Group Banca Transilvania to integrate the new operations.

 Source: https://www.bstdb.org/BSTDB_Overview%20of%20the%20financial%20sector_MOLDOVA.pdf 

Behind Moldova’s Digital Finance Shift

Moldova’s ecosystem doesn’t revolve as much around fintech companies. In reality, the foundation of the country’s shift toward digitalization comes from tech providers and payment processors. They are the ones modernizing the system from within, helping traditional institutions integrate new technologies.

Maib is a great example. In 2024, Mastercard named it the leader in digital banking experience, as the bank has been continuously investing in digital banking with its Maibank app reaching 700,000 active users. More than 70% of loans and 74% of deposits are now processed online, signaling a shift toward mobile-first banking. 

At the same time Eximbank, a key member of the Intesa Sanpaolo Group, has partnered with ASEE to build an Open Banking Platform, which could pave the way for more fintech integrations.

Meanwhile Salt Edge partners with banks like Comertbank to integrate open banking solutions, allowing for secure financial data access through APIs and supporting the bank’s digital transformation.Beyond banks, tech providers are stabilizing the infrastructure. DAAC Digital, in partnership with Maib, has been working on improving banking security and digital infrastructure.

Fintech Startups: Innovation In Progress

Despite the small size of Moldova’s fintech ecosystem, there’s noticeable movement. New ideas are getting funding, investors are paying attention, and there’s a real push to build something sustainable. Here are some fintech startups to watch:

Fagura – A peer-to-peer lending platform connecting entrepreneurs and investors, raising €1 million, and expanding across Central and Eastern Europe. It provides freelancers and small businesses fast access to capital.

Paynet – A mobile wallet turned payment solution provider, offering transfers, bills, loyalty programs, and remittances, now integrating with MIA Instant Payments for real-time transactions.

BPay – A payment solution provider with its own network of Cash-In/Cash-Out terminals and ATMs. In 2024, it partnered with CryptoSphere to enable cryptocurrency trading.

Omnis – Moldova’s first insurance app offering services like RCAs, Green Card, and Travel Insurance, along with automatic insurance imports and reminders for expiring documents.

In terms of funding, that is still a challenge. In 2022, 11 Moldovan tech startups raised a total of $11 million, with an average investment of around €865,000 per deal. Compared to other regional markets, there’s still a long way to go.
There has been some move in the right direction by European Bank for Reconstruction and Development (EBRD), committing €10 million in 2024 to the GapMinder Fund II. The funds will go directly to early-stage tech startups in Moldova and neighboring countries. This will further support the ecosystem’s access to much-needed capital.

Support & Acceleration

Fintech associations play a key role in fostering collaboration, advocacy, and knowledge sharing within the fintech industry. Fintech Moldova is actively working to bring the financial sector and tech innovators closer together, fostering collaboration, advocacy, and knowledge sharing within the fintech industry. Through events like the Fintech Moldova Conference and the Digital Banking Club, they’re helping drive conversations between banks, fintech founders, and regulators—something that’s critical for the sector’s long-term growth.

Recently, they also became an official UNCHAIN ambassador, further helping shape the conversation around fintech growth in the country. This week, this conversation continues with an online event dedicated to Moldova’s fintech ecosystem. Fintech Moldova will serve as the primary point of contact for representing the country, ensuring smooth coordination and communication with the local ecosystem.

Moldova: A Landscape Worth Watching

Moldova’s fintech sector is steadily accelerating growth. Between new regulations, better payment systems, and a growing digital-first mindset, things are shifting.  

Digital payments in Moldova are growing fast. Right now, the market is worth $1.25 billion, but with an annual growth rate of 27.2%, it’s expected to hit $4.17 billion by 2029. To put that in perspective, the entire Eastern European digital payments market is projected to grow from $249.2 billion in 2024 to $618.4 billion by 2029—a 19.9% annual growth rate.

So while Moldova’s market is still small in absolute terms (less than 1% of the region’s total), it’s expanding pretty fast. The growth is fueled by mobile wallets and online banking (with names like Moldcell and Paynet leading the way) and the slow but steady move away from cash-heavy transactions.  However, access to finance remains a significant challenge, with only 64% of adults holding bank accounts. In response, the government is prioritizing financial inclusion, and the National Commission for Financial Markets is developing strategies to support capital markets and broaden access to financial services.

In March 2024, Moldova’s new crowdfunding law (Law No. 181/2023) officially went live, opening up an alternative way for startups and small businesses to raise money. The law sets clear rules for how crowdfunding platforms can operate, what protections investors have, and how businesses can use these platforms to attract funding. Right now, most early-stage startups in Moldova struggle to access venture capital or bank loans, so having a regulated way to raise funds from the crowd could be a big step forward. 

Moldova’s fintech sector is steadily moving forward. The next few years will show just how fast Moldova can turn potential into real growth. The country is still at a turning point shaped by larger geopolitical and economic shifts. This means now’s the right time to be paying attention. 

For those who want to get a closer look at the market and see where it’s heading, UNCHAIN’s CEE Fintech Tour is kicking off in Moldova on February 20th, 3PM CET. This is the place to hear directly from the source, from the people shaping Moldova’s ecosystem and financial future. More details here.

Awareness and Implementation

• High Awareness: 81% of large companies have at least basic awareness, with 50% having thorough knowledge of digital ID technology.
• Active Integration: 42% are actively integrating digital ID solutions, 31% are in early stages, and 17% are developing strategic plans.

Regional Insights

The UAE shows higher integration rates, while the US and Europe are more cautious, with 37% and 39% in the integration phase, respectively.

Forrester emphasizes the need for a hybrid approach to digital IDs and recommends that regulators provide frameworks ensuring interoperability, security, and privacy.

Motivations and Challenges

• Motivations: Organizations are motivated by the need to enhance security, improve customer experience, and comply with regulatory requirements.
• Challenges: Key challenges include integration with existing systems, ensuring user privacy, and managing the costs associated with implementing digital ID technology.

Technological Adoption

• AI and Biometrics: Many companies are exploring AI and biometric technologies to strengthen their digital ID solutions.
• Interoperability: There is a focus on ensuring that digital ID systems can work seamlessly across different platforms and jurisdictions.

The study suggests a positive outlook for the adoption of digital ID technologies, with continued investment and innovation expected in this area. Companies are increasingly recognizing the importance of digital identities in securing transactions and enhancing operational efficiency.