Fintechs in Bulgaria Have Earned Nearly €400m in 2019

Fintech Bulgaria
© Annie Spratt/ Unsplash

Last week, the Bulgarian Fintech Association (BFA) released one of the most comprehensive mappings of the fintech ecosystem in Sofia and Bulgaria. The association’s research highlights the diversification of the industry and shows that in 2020 the Bulgarian fintech ecosystem consists of about 100 fintech companies, operating in 9 different verticals with the payments and billing segment being the largest contributor in terms of the number of fintech providers (34%). Other growing segments are lending, capital markets blockchain and crypto, insurance, and personal finance business.

It looks like Sofia, the capital of Bulgaria, remains the most preferred fintech location in the country with 83 of the companies being headquartered there. In Findexable’s  2020 Global Fintech Index (GFI), Sofia has been ranked as the 38th best fintech location in Europe, just behind Athens and ahead of Ljubljana, Bucharest, and Cluj-Napoca, while Bulgaria as a whole finds itself under number 56 globally. 

“For developing countries such as Bulgaria, the Fintech industry is one of a few opportunities for catching up and developing a highly efficient economy. In this sense, although Bulgaria’s Fintech industry is a comparatively small contributor to the GDP, it is very important for the overall efficiency and modernization of the economy,” reads a statement from BFA.

It’s still interesting to observe the financial performance of the companies that aim to transform the finance industry, so we took the list provided by BFA and checked what revenue each company generated in 2019, as per Company.Guru, which gathers information from publicly available official statistics. 

In total, we calculated for last year fintech companies in Bulgaria have reported total revenue of 753.8M BGN or a bit over €385M. Companies in the payments and billing segment are responsible for over 80% of the total amount – €313.6M. Previous research by BFA and SeeNews, which most likely did not work with the same sample of organizations, reported operating revenue of €212.5m for 2018. 

Not surprisingly, none of the top revenue contributors are new ventures – in the top 5, whose representatives total €300m, we can see players like Datecs, which has been on the market for over 30 years, international online payments company Paysafe, as well as other established companies like myPOS, Borica Bank Services, and Emerchantpay. According to the available data, for the most part, even the most financially successful fintech startups on the local market (such as Evrotrust and Cashwave) are in the low millions when it comes to revenue. It’s worth noting that many local ventures started here have a company registered in other countries, which in some cases may be the main revenue-generating locations.

NOTE: While we use BFA’s mapping as a starting point, in our list below, we have excluded three types of companies: those who, we did not discover to be registered in Bulgaria, those who have reported no revenue in 2019, and the IT service providers whose revenue cannot be easily attributed to a single industry. We are open to adding more Bulgarian fintech companies to the list, if yours is not present, please reach out to us on with the revenue generated for 2019 and the organization’s core fintech area of operations.

Company Revenue in EUR Bucket Category
Datecs €135,742,678 50m-200m Payments/ Billing
Paysafe €95,250,316 50m-200m Payments/ Billing
myPOS €27,421,709 1-50m Payments/ Billing
Borica Bank Services €22,229,475 1-50m Infrastructure
Emerchantpay €19,287,926 1-50m Payments/ Billing
TiXi €11,390,572 1-50m Payments/ Billing
Credissimo €10,493,471 1-50m Lending
Technementals Technologies (Bulgaria) €7,166,061 1-50m Capital Markets
Naxex €7,040,681 1-50m Capital Markets
SafeCharge €6,089,335 1-50m Payments/ Billing
ePay €5,792,519 1-50m Payments/ Billing
CashWave €4,707,093 1-50m Personal Finance
Ferratum Money €3,175,420 1-50m Lending
DeGiro €2,981,466 1-50m Capital Markets
Treasury Intelligence Solutions Bulgaria €2,593,558 1-50m Payments/ Billing
Tide €2,411,375 1-50m Payments/ Billing
CashCredit Online €2,153,452 1-50m Lending
Paynetics €1,807,507 1-50m Payments/ Billing
The Burgiss Group €1,750,191 1-50m Wealth Management
Evrotrust €1,650,911 1-50m Regtech
Creditex €1,588,989 1-50m Lending
Foris Europe €1,578,754 1-50m Blockchain/ Crypto
iCard €1,356,654 1-50m Payments/ Billing
Think Capital Services Limited €1,339,766 1-50m Capital Markets
Checkout X/ Eri Digital €1,191,358 1-50m Payments/ Billing
SumUp €880,213 250k-1m Payments/ Billing
eCollect €795,774 250k-1m Payments/ Billing
Leno €591,073 250k-1m Lending
Tradeo €474,394 250k-1m Capital Markets
Sirma ICS €425,778 250k-1m Insurance
Phyre €394,561 250k-1m Payments/ Billing €368,973 250k-1m Blockchain/ Crypto
Notolytix €363,344 250k-1m Regtech
Rentila €332,639 250k-1m Mortgage/ Real Estate
Paysera €294,769 250k-1m Payments/ Billing
Gaida Guide €287,093 250k-1m Mortgage/ Real Estate
Access Finance €269,693 250k-1m Lending
Kaje Fin Services Software €262,529 250k-1m Capital Markets
Easy Payment Services €250,758 250k-1m Payments/ Billing
Rewards Labs €222,100 Under 250k Personal Finance
Log Sentinel €205,724 Under 250k Regtech
Datecs Pay €161,202 Under 250k Payments/ Billing
Ramensofia €150,455 Under 250k Payments/ Billing
Mabsut Technologies Bulgaria €142,779 Under 250k Payments/ Billing
Klear Lending €139,708 Under 250k Lending
Jarvis Exchange €136,638 Under 250k Blockchain/ Crypto
Boleron €115,144 Under 250k Insurance
AMS Bulgaria €75,228 Under 250k Wealth Management
Cashlend €35,823 Under 250k Lending €29,170 Under 250k Mortgage/ Real Estate
Lime Pay EOOD €27,123 Under 250k Payments/ Billing
Reloyalty €27,123 Under 250k Personal Finance
Crediport €25,588 Under 250k Lending
Payhawk €23,029 Under 250k Payments/ Billing
Iris Solutions €17,911 Under 250k Payments/ Billing
Credissimo Super €15,864 Under 250k Lending
Tradexsocial €11,770 Under 250k Blockchain/ Crypto
Tickey €8,188 Under 250k Payments/ Billing
Reinno Bulgaria €2,559 Under 250k Mortgage/ Real Estate
iPORT €1,535 Under 250k Insurance
Transact Europe €1,024 Under 250k Payments/ Billing

Total:  €385.4M

 Revenue data source:


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