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Ecossistema de Fintechs em Portugal: evolução, desafios e regulação (2019- 2023)
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A partir da articulação de um retrato do setor de fintech (2019-2024), com dados quantitativos (2019-2023), este estudo procura avaliar e analisar a evolução do ecossistema de fintechs em Portugal. Recorre-se a dados contabilísticos da SABI e à análise documental dos relatórios da Portugal Fintech para estudar quatro verticais1: Lending & Credit, Insurtech, Regtech & Cybersecurity e Payments & Money Transfers. Foram analisados os indicadores: Volume de Negócios, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), Resultado Líquido, Capitais Próprios e Autonomia Financeira. A partir desta interseção, a análise permitiu observar, de forma anual, a evolução dos rácios e relacioná-los com diferentes impactos macroeconómicos e com os quadros regulatórios europeus, nomeadamente o MiCA (Markets in Crypto Assets Framework), PSD3 (Payment Services Directive 3) /PSR (Payment Services Regulation), AML (Anti-Money Laundering), DORA (Digital Operational Resilience Act), AI Act (Artificial Intelligence Act) e NIS2 (Network and Information Security Directive 2). Os resultados apontam para sinais de maturação do setor, evidenciando um reforço consistente dos capitais próprios, um crescimento sustentado da receita e alguma volatilidade nas margens em linha com a integração de novos regulamentos e desafios estruturais. Confirmam-se ainda as dificuldades típicas de um setor B2B (Business to Business), como os ciclos de vendas longos, os custos antecipados e dificuldades na tração das vendas. Ainda que as explicações dadas sejam plausíveis, estas não podem ser vistas como causais, apesar de ser demonstrada consistência entre os relatórios da Portugal Fintech e os dados analisados. Este estudo contribui para a compreensão das condições do ecossistema fintech, quantificando tendências recentes que têm origem em observações qualitativas. Destaca uma das maiores
dificuldades do setor, a capacidade de escalar, e identifica fatores que a condicionam, como a carga regulatória, as parcerias demoradas e mais orientadas para resultados do que para o crescimento, e um investimento cada vez mais seletivo. Estes aspetos representam desafios concretos, mas também oferecem pistas úteis para gestores, investidores e investigadores sobre possíveis caminhos para ultrapassar essas limitações. As principais limitações do estudo residem na curta janela temporal analisada e na ausência de uma comparação internacional. Sugere-se, por isso, que futuras investigações possam alargar o horizonte temporal e a comparação internacional, assim como a inclusão de outros verticais
Drawing on a portrayal of the fintech sector (2019–2024), together with quantitative data (2019–2023), this study seeks to assess and analyse the evolution of the fintech ecosystem in Portugal. It uses accounting data from SABI, and the documentary analysis of the Portugal Fintech reports to study four verticals: Lending & Credit, Insurtech, Regtech & Cybersecurity, and Payments & Money Transfers. The indicators analysed were Turnover, EBITDA, Net Income, Equity, and Financial Autonomy. From this intersection, the analysis made it possible to observe, on an annual basis, the evolution of the ratios and relate them to different macroeconomic impacts and to European regulatory frameworks, namely MiCA, PSD3/PSR, AML, DORA, the AI Act and NIS2.The results point to signs of sector maturation, showing a consistent strengthening of equity, sustained revenue growth, and some volatility in margins in line with the integration of new regulations and structural challenges. The typical difficulties of a B2B sector are also confirmed, such as long sales cycles, upfront costs, and difficulties in sales traction. Although the explanations given are plausible, they cannot be viewed as causal, despite demonstrated consistency between the Portugal Fintech reports and the data analysed.This study contributes to understanding the conditions of the fintech ecosystem by quantifying recent trends that originate in qualitative observations. It highlights one of the sector’s greatest difficulties – scalability - and identifies factors that constrain it, such as regulatory burden, lengthy partnerships that are more results-oriented than growth-oriented, and increasingly selective investment. These aspects represent concrete challenges, but they also offer useful cues for managers, investors and researchers on possible paths to overcome these limitations. The main limitations of the study lie in the short-term window analysed and the absence of an international comparison. It is therefore suggested that future research may widen the time horizon and international comparison, as well as include other verticals.
Drawing on a portrayal of the fintech sector (2019–2024), together with quantitative data (2019–2023), this study seeks to assess and analyse the evolution of the fintech ecosystem in Portugal. It uses accounting data from SABI, and the documentary analysis of the Portugal Fintech reports to study four verticals: Lending & Credit, Insurtech, Regtech & Cybersecurity, and Payments & Money Transfers. The indicators analysed were Turnover, EBITDA, Net Income, Equity, and Financial Autonomy. From this intersection, the analysis made it possible to observe, on an annual basis, the evolution of the ratios and relate them to different macroeconomic impacts and to European regulatory frameworks, namely MiCA, PSD3/PSR, AML, DORA, the AI Act and NIS2.The results point to signs of sector maturation, showing a consistent strengthening of equity, sustained revenue growth, and some volatility in margins in line with the integration of new regulations and structural challenges. The typical difficulties of a B2B sector are also confirmed, such as long sales cycles, upfront costs, and difficulties in sales traction. Although the explanations given are plausible, they cannot be viewed as causal, despite demonstrated consistency between the Portugal Fintech reports and the data analysed.This study contributes to understanding the conditions of the fintech ecosystem by quantifying recent trends that originate in qualitative observations. It highlights one of the sector’s greatest difficulties – scalability - and identifies factors that constrain it, such as regulatory burden, lengthy partnerships that are more results-oriented than growth-oriented, and increasingly selective investment. These aspects represent concrete challenges, but they also offer useful cues for managers, investors and researchers on possible paths to overcome these limitations. The main limitations of the study lie in the short-term window analysed and the absence of an international comparison. It is therefore suggested that future research may widen the time horizon and international comparison, as well as include other verticals.
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Fintech Portugal Evolução Ecossistema Fintech Transformação Digital Regulação Financeira Fintech Ecosystem Evolution Digital Transformation Financial Regulation