According to the Portugal Fintech Association’s annual report for 2022, fintechs have raised an aggregate of €1.08bn to date.

Blockchain and crypto-based firms have dominated the funding, accounting for 76% of the capital raised.

By far the biggest deal conducted over the last year was the €30.6m raised by Uphold, a digital asset trading company.

The fintech sector is also concentrated in Lisbon, Portugal’s capital city, which houses 55% of firms, followed by Porto with 16%.

The report also shows that close to half the funding (48%) is provided by international investors.