The FinTech market is worth some €2.2 billion in Central and Eastern Europe, with Poland accounting for PLN 860 million (PLN 3.6 billion) of that sum, according to a report prepared by Deloitte. Poland is the leader of the FinTech business in CEE, however, venture capital investments constitute a mere 0.005 percent of the country’s GDP. Deloitte analysts stated that the private sector should increase its involvement in financing investments in the sector. As many as 72 percent of start-ups are predominantly financed by the founders themselves. A necessary prerequisite for Polish FinTech firms to achieve success is expanding beyond Poland, the report said.
“Poland is not particularly innovative when compared to other European economies. The financial sector is an exception here. It is highly innovative compared to other industries. Some of Polish banks have even been dubbed as FinTech firms, and certain technological solutions are already licensed by other countries,” said Artur Martyniuk, director, Financial Advisory at Deloitte.