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.

Over the past few years, Bulgaria has gone from having a small patchwork of digital finance startups to hosting more than 150 fintech companies, most of them clustered in Sofia. The sector has seen consistent growth in revenue, investment, and international visibility, and it’s not just about volume. It’s about how these companies are scaling fast, experimenting across verticals, and attracting global backing.

The digital payments segment is especially dominant. It makes up about a third of all fintech activity in the country and drives more than 60% of the industry’s revenue. Names like BORICA, Paynetics, and EasyPay form the local backbone, while giants like Visa and Mastercard have set up shop here too. Add in Bulgaria’s first fintech unicorn, Payhawk, and a wave of crypto innovation led by companies like Nexo, and the picture gets clearer: Bulgaria is a testbed for real fintech ambition.

So, how did this happen? What role did regulators, banks, and cross-border investors play in shaping the ecosystem? And what’s next as Bulgaria eyes eurozone entry and deeper EU integration?

That’s what we’re about to explore.

Regulation: Stability First, Innovation Close Behind

Bulgaria’s financial regulation system is methodical, and that’s part of what’s helped the fintech ecosystem grow without overheating. At the centre of it all sits the Bulgarian National Bank (BNB), which acts as the country’s central bank, banking regulator, and macroprudential watchdog. It issues licenses for banks, payment institutions, and e-money firms, oversees financial stability, and implements EU rules like PSD2.

Since 2020, the BNB has been under “close cooperation” with the European Central Bank, meaning the ECB now supervises Bulgaria’s largest banks directly through the Single Supervisory Mechanism (SSM). This was a major step forward in aligning with the eurozone. The BNB has gradually raised capital buffers, like the countercyclical capital buffer (CCyB), which hit 1.5% in 2023 as a way to prevent excessive credit growth and make the system more shock-proof.

Speaking of eurozone preparations, Bulgaria still aims to adopt the euro, even though that timeline has slipped past 2025 due to inflation concerns. But regulators are treating it like a when, not an if. The BNB recently connected its national payment system (BISERA) to the ECB’s TIPS platform, enabling instant euro transfers, one of the last pieces of technical infrastructure needed for euro adoption.

Another big name in the regulatory space is the Financial Supervision Commission (FSC). While the BNB handles banks and payments, the FSC oversees insurance, pensions, capital markets, and non-bank finance. They’ve started to lean into fintech more actively, rolling out a Strategy for Monitoring Financial Innovation (2021–2024) and showing openness to ideas like a regulatory sandbox, though a full one hasn’t launched yet.

There’s also the Ministry of Finance, which handles legislation and coordinates Bulgaria’s eurozone strategy and post-COVID recovery investments. Their work with the BNB and FSC helps align Bulgaria with upcoming EU rules like MiCA (for crypto) and DORA (for digital operational resilience).

So far, this three-pronged setup (BNB, FSC, and the Ministry) has struck a fairly good balance between financial stability and fintech growth. One key challenge, however, remains financial literacy. Bulgaria’s population still struggles with understanding new financial products, especially digital ones. The government’s Financial Literacy Strategy (2021–2025) tries to tackle that, but making fintech truly inclusive will take time.

Commercial Banks, Neobanks & Fintechs: Digitalisation Meets Consolidation

Bulgaria’s banking sector is concentrated, foreign-owned, and (over the past few years) quietly getting a digital overhaul. As of the end of 2023, 23 banks were operating in the country, including six branches of foreign banks. But it’s the top five that run the show, holding nearly 77% of all banking assets. That level of concentration isn’t new, but what’s changed is how these banks are operating.

There’s been a steady wave of consolidation. The most recent example was in 2023, when Postbank (Eurobank Bulgaria) acquired BNP Paribas Personal Finance Bulgaria, tightening its grip on the retail lending market and expanding its customer base.

Banks like UniCredit Bulbank, DSK (OTP Group), UBB (KBC), and Postbank are not only dominant but also investing heavily in digital transformation. Bulgaria’s eurozone ambitions are pushing banks to modernise legacy systems, tighten up compliance, and rethink how they deliver services online. A lot of this is also driven by necessity, such as regulatory alignment and rising customer expectations.

United Bulgarian Bank (UBB), part of the Belgian KBC Group, has been getting noticed not just for tech upgrades but also for its ESG credentials. In 2024, UBB was named Best Digital Bank and Best ESG Bank in Bulgaria by Euromoney, proof that digitalisation and sustainability can go hand in hand.

Meanwhile, neobanks and fintech-style lenders are starting to carve out their own space. A major move came in 2024 when Advent International announced it was acquiring tbi bank, a Sofia-based digital-first bank focused on Buy Now, Pay Later and consumer lending. Tbi isn’t a classic neobank, but it plays like one: mobile-first, quick onboarding, and accessible financing options.

On the infrastructure side, Evrotrust has become a key tech provider, especially in digital identity. In 2023, the Bulgarian government officially adopted Evrotrust’s eID scheme as the national standard for electronic identification, allowing people to sign documents and access public services online. The company is also working with private clients. Porsche Finance Group Bulgaria now uses Evrotrust to digitise internal workflows.

Beyond banks and neobanks, Bulgaria also has a handful of heavyweight fintechs that are powering much of the ecosystem’s infrastructure:

• BORICA, a state-backed payment infrastructure provider, runs the Blink instant payment system, launched in 2021 for 24/7 transfers in BGN. It later added person-to-person transfers via phone number, and is now being linked with the ECB’s TIPS platform for euro instant payments.
  
• Paynetics is a licensed e-money institution that operates across the EU and UK, offering card issuing, embedded finance infrastructure, and payment solutions to fintechs and merchants.
  
• iCard is one of the oldest fintech names in Bulgaria. Its digital wallet app supports IBAN accounts, P2P transfers, foreign exchange, and even crypto/metal investments. The company now serves 1.8+ million clients in 30+ countries.
  
• And EasyPay, while sometimes flying under the radar, is one of the most widespread hybrid payment platforms in Bulgaria, combining physical cash-in/cash-out points with digital services and integrations into the national payments infrastructure.

Fintech Startups & Investment Beyond Unicorns

For a long time, Bulgaria’s fintech scene flew under the radar. That changed in 2022, when Payhawk raised a $100 million Series B extension led by Lightspeed Venture Partners, officially becoming Bulgaria’s first unicorn.

But Payhawk isn’t the only company making a difference. Over the past five years, Bulgaria has quietly grown a dense network of fintech startups, more than 150 by 2022. Most of them are SMEs based in Sofia, but their ambitions are regional, and sometimes global.

Take Iris Solutions, one of the first licensed open banking providers in Southeast Europe. They offer infrastructure for banks and fintechs to launch PSD2-compliant services. Or Boleron, an insurtech startup building a fully digital insurance platform. In 2023, it raised €2.1 million to expand into Greece and Romania, showing that regional investors are now looking at fintech through a wider lens.

So, what’s fueling all this? A mix of local and international capital. Funds like LAUNCHub Ventures and Eleven Ventures have backed some of the biggest names in the market, including early rounds for Payhawk and Nexo. LAUNCHub has also invested in Nexo’s early stages and continues to raise fresh capital for fintech and deeptech bets across the region.

Meanwhile, foreign investors are getting in earlier than they used to. Payhawk’s $100M round brought in Lightspeed, Greenoaks, and Earlybird. Even crypto startups like Nexo, though they’ve had a bumpy regulatory ride, drew global capital during the boom years. Some startups like Phos, a SoftPOS provider that turns Android phones into card readers, even got acquired by big names (Ingenico picked them up in 2023).

What’s also interesting is how established players like Paynetics are acting like platforms for others. Besides offering embedded finance infrastructure, Paynetics has actively supported fintech entrepreneurs, partnered with startups like Phyre, and even acquired UK neobank Novus to expand its digital reach.

From a macro perspective, Bulgaria still isn’t a massive funding market. But it still performs beyond expectations. In 2023, over €260 million in startup funding was raised in Bulgaria across all verticals, and fintech remained one of the strongest categories. According to StartupBlink, Bulgaria ranked 37th globally in the Startup Ecosystem Index, with Sofia acting as the central hub for innovation.

So while the unicorn headlines matter, the real story is about ecosystem depth. A growing number of fintech startups, VC funds with regional reach, and a few high-profile exits have created momentum. And if Payhawk’s rise is any indication, Bulgaria’s next breakout fintech might already be in the works.

Associations & Support: Who’s Holding Up the Fintech Scene

Behind the startups, funding rounds, and flashy exits, there’s a surprisingly solid support system helping Bulgaria’s fintech ecosystem grow. And for a relatively small country, it’s got a few things going for it that others don’t.

The Bulgarian Fintech Association (BFA) is probably the loudest voice in the room. Since 2018, they’ve been the go-to group for research, advocacy, and general ecosystem-building.  Then there’s the Visa Innovation Program, which Bulgaria helped launch and now co-leads through Eleven Ventures. 

What started as a local accelerator has turned into a regional platform connecting fintech startups across Greece, Turkey, and Bulgaria, with Sofia acting as a central hub. Startups in the program run pilots with Visa’s corporate partners and banks, which is a big deal when you’re trying to validate a product in a conservative industry.

And it’s not just Visa. A few years back, Raiffeisen Bank’s Elevator Lab also ran a chapter in Bulgaria to scout for fintech partnerships. One notable graduate was actually Phos, the SoftPOS startup that eventually got acquired by Ingenico. It’s a good example of how these programs can bring real value. 

Add to that startup hubs like Campus X, where fintech founders work out of the same building as VCs and tech mentors, and you get an ecosystem that’s tight-knit, not siloed. Some of the Visa program activity even took place there.

So while there’s no formal regulatory sandbox (yet), the combination of active associations, corporate-led programs, and VC-accelerator overlap has created a pretty functional support structure. It’s not flashy, but it works. And it helps explain why a country with just 7 million people keeps putting interesting fintechs on the regional map.

Conclusion: Early Days, Big Signals

Bulgaria’s financial sector has undergone major shifts in recent years, from the consolidation and digitalization of traditional banks to the rise of a growing fintech startup scene. It’s not the largest market in the region, but it’s moving fast and making itself hard to ignore.

What stands out in a Central and Eastern European context is the density and profitability of its fintech ecosystem. Bulgaria actually outpaces Romania in both the number of fintech companies and sector performance, and while it hasn’t positioned itself as a licensing magnet like Lithuania, it stands out for its engineering talent, strong infrastructure, and cost-effective environment. 

The sector is still in early stages, but it’s vibrant, well-networked, and building from solid fundamentals. With active associations, cross-border accelerators, and a healthy mix of local and foreign investment, the conditions are right for entrepreneurs to scale.

In the larger context of CEE, Bulgaria has positioned itself as both a collaborator and a competitor, collaborating to build regional fintech synergies while competing by offering a highly skilled yet cost-effective environment for financial services development. 

The country’s first fintech unicorn and successful exits signal the coming of age of the ecosystem. Going forward, the continued inflow of EU funds, the prospect of euro adoption, and sustained tech innovation are poised to further integrate and advance Bulgaria’s financial market

The Prestigious CEE Fintech Oscars: Recognizing Excellence in Innovation

The Startups Tournament, a key component of UNCHAIN Festival, is designed to spotlight the most promising tech startups. Founders across the CEE are invited to showcase their projects and vie for recognition, support, and investment in an atmosphere buzzing with creativity and collaboration.

“As a global centre of tech development and a hub for innovation, UNCHAIN Festival is the perfect platform for startups to showcase their innovative solutions and connect with industry leaders, investors, and enthusiasts,” said Alexandra Pollack, CEO & Co-founder of UNCHAIN Festival. “We’re excited to provide startups with an opportunity to shine on stage and accelerate their growth in this dynamic ecosystem.“

The Startups Tournament invites early-stage startups with tech solutions that demonstrate significant potential for impact and scalability. Selected finalists will have the chance to pitch their projects live to a distinguished panel of judges comprising industry experts, investors, and thought leaders.

In addition to exposure and networking opportunities, participants will compete for a range of prizes, including, mentorship from industry veterans, access to investor networks, and complimentary exhibition space at future UNCHAIN events.

Welcoming back the winners of previous editions

“We were honoured to be the winners of the first edition, and I believe that UNCHAIN had an incredible energy. Everyone was attending the festival in Oradea for the first time and felt the responsibility of shaping something outstanding, building the DNA of the festival. Some great investment conversations came out from my time in Oradea, and fintech explorations with the likes of Visa. Such ecosystems in CEE are hugely needed.”, Maria Tanjala, FilmChain Co-founder, the winner of the 1st UNCHAIN Startups Tournament. 

“By being on stage a lot of investors and banks come to talk to us. We had great conversations and that was extremely valuable. We’ve learnt a lot, which added a lot of value to who we are and how we’ve grown. What I love about UNCHAIN it’s that it is not a 4000 people event, it’s a very curated event of very important people from the industry. It’s almost like a handpicked selection on who is who in the region for the fintech vertical and you don’t have many events like this which create that impact.”, Rohit Bhosale, Synapze CEO`s, the winner of 2nd UNCHAIN Startups Tournament. 

Application Deadline: May 31st – Don’t Miss Out!

Entrepreneurs eager to participate in the competition are encouraged to submit their applications online through the official UNCHAIN Festival website >> https://unchainfestival.com/startups/. Registrations are available until May 31st, but act swiftly, as applications are reviewed and chosen following each submission.

UNCHAIN Festival, renowned for its engaging panels, insightful keynotes, and vibrant networking opportunities, will take place on 19-20 June 2024 at Oradea’s fortress, Romania. For more information about the Startups Tournament and UNCHAIN Festival, including ticketing and sponsorship opportunities, visit the event website >> www.unchainfestival.com

UNCHAIN on CEE tour: explore innovation across the region

Preceding the summer festival, a series of online events, the Demo Days, will bring an even closer spotlight on the disrupting potential the region has to uncover. 

• UNCHAIN Demo Day – Romania | Bulgaria | Greece | Ukraine | Moldova 
• UNCHAIN Demo Day – Hungary | Croatia | Serbia | Slovenia 
• UNCHAIN Demo Day – Austria | Czech Republic | Slovakia | Poland

The Demo Days will serve as a precursor to the main event, offering a platform for startups and innovators to showcase their groundbreaking ideas and technologies to a global audience. Through engaging presentations, live demonstrations, and interactive Q&A sessions, participants will have the opportunity to highlight the transformative impact of their projects and gain valuable feedback from industry experts and potential investors. 

Digital Payments Revolution

The CEE region is experiencing a surge in digital payments adoption, driven by factors such as increasing smartphone penetration, changing consumer behavior, and supportive regulatory frameworks. Expect to see continued growth in digital payment solutions, including mobile wallets, contactless payments, and peer-to-peer transfers. With a focus on convenience, security, and efficiency, FinTech companies will play a crucial role in driving this digital payments revolution across the region.

Blockchain and Cryptocurrency Innovation

Blockchain technology and cryptocurrencies are gaining traction in the CEE region, presenting new opportunities and challenges for the FinTech industry. As more businesses and consumers embrace digital assets, expect to see increased innovation in blockchain-based solutions, such as smart contracts, decentralized finance (DeFi) platforms, and digital identity management systems. Additionally, regulatory developments and government initiatives aimed at fostering blockchain innovation will shape the landscape for cryptocurrency adoption and usage across CEE countries.

Rise of Neobanks and Digital Lenders

Neobanks and digital lending platforms are disrupting the traditional banking sector in CEE, offering innovative financial products and services tailored to the needs of modern consumers and businesses. Over the next two years, expect to see the continued emergence of digital-first banking solutions, including virtual banking accounts, personalized lending algorithms, and automated loan approvals. With a focus on accessibility, affordability, and customer experience, neobanks and digital lenders will continue to gain market share and drive competition in the financial services industry.

Regulatory Evolution and Compliance Focus

Regulatory frameworks governing the FinTech sector in CEE are expected to evolve in response to technological advancements and emerging risks. Regulatory bodies across the region will likely introduce new guidelines and standards aimed at promoting innovation while ensuring consumer protection, cybersecurity, and financial stability. FinTech companies will need to prioritize regulatory compliance and invest in robust risk management and cybersecurity measures to navigate the evolving regulatory landscape and build trust with customers and stakeholders.

Cross-Border Collaboration and Expansion

Collaboration and partnerships between FinTech companies, traditional financial institutions, and other stakeholders will become increasingly important for driving innovation and expanding market reach across borders. Over the next two years, expect to see more cross-border collaborations, joint ventures, and strategic alliances aimed at leveraging complementary strengths and resources to address regional challenges and capitalize on growth opportunities. Additionally, as CEE FinTech companies look to scale their operations and enter new markets, strategic international expansion will be a key focus area, driving greater competition and diversity in the global FinTech ecosystem.

As a conclusion, the Central and Eastern European FinTech sector is poised for dynamic growth and innovation over the next two years, driven by digital payments revolution, blockchain and cryptocurrency innovation, rise of neobanks and digital lenders, regulatory evolution and compliance focus, and cross-border collaboration and expansion. By staying agile, responsive to market trends, and focused on customer needs, FinTech companies in CEE can capitalize on emerging opportunities and play a leading role in shaping the future of finance in the region and beyond.