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The growth of fintech ecosystems

Karl Gauci - November 16, 2022 - 0 comments

The European continent has seen a massive surge in fintech investment, with 2021 alone seeing a staggering €340 billion pumped into the fintech industry.


As technology evolves at a rapid pace, many traditional sectors are seeking to adapt to current market trends, increase market share and deliver a better overall customer experience.

The financial services industry is no stranger to this shift and although the fintech market is still in its infancy, many traditional financial services organisations have already made massive investments in different technologies to aid in the radical transformation of what is arguably one of the biggest industries globally. Some traditional banks have started to offer innovative, digitally friendly banking services while incorporating digital payments, microfinancing, and robo-advisor services with existing bank accounts.

In a nutshell, fintech refers to organisations engaging in the financial technology industry. It pertains mostly to companies that offer novel digital solutions in areas such as online and mobile payments, big data, alternative finance, and financial management.


A staggering €340 billion was pumped into the fintech industry in 2021.


But is fintech just another buzzword?

Despite the COVID-19 pandemic wreaking havoc throughout the world, in recent years, the European continent has seen a massive surge in fintech investment, with 2021 alone seeing a staggering €340 billion pumped into the fintech industry.

Furthermore, the number of European fintech unicorns more than doubled in 2021 with a total of 26 companies originating from European countries. The JRC Technical Report issued in 2022, also confirms that the number of Europe-based unicorns in the fintech sector exceed those stemming from other sectors such as in ICT and healthcare (JRC Technical Report, In Search of EU Unicorns – What do we know about them? Descriptive Statistics on Unicorns, page 15).


Data also shows that in 2021, venture capitalists invested over €17 billion in the European fintech sector, which is more than 2020 and 2019 combined.


These astronomical figures augur well for the industry while proving that the sector is in an upward trajectory and rapidly embracing change leading to the inevitable transition into the digital age.

But to mention all the benefits of this transition concisely in an article is short of being an impossible endeavor. However, ultimately, thanks to the meteoric rise of fintech, both businesses and consumers can reap the rewards that such technologies hold. Fintech might deliver substantial economic benefits if it were widely adopted. Mobility and acquisition are also crucial to the successful use of these technologies. In terms of securing tech talent, addressing and minimising skill gaps is already a step in the right direction. Fintech can hold the key to improve efficiency, make processes more transparent, streamline various procedures, and develop innovative products, services and solutions that are aimed at providing a better customer experience, thereby increasing an organisation’s profitability, and ultimately helping the economy to flourish.

Fintechs’ competition with banking systems is already contributing to the modernization of the financial sector ecosystem in various European is committed to helping companies operating in the fintech sphere in navigating the local ecosystem by providing support every step of the way, whether a company is at concept stage, a startup, micro, SME or a larger enterprise.’s services range from providing pro-bono consultancy services to startups, to providing a platform to enable local companies to promote their solutions through its events and giving advice on the various funding and support mechanisms available to businesses. The foundation also supports those looking to internationalise by facilitating access to these markets thanks to the entity’s activity internationally.

The entity has supported numerous events directly related to fintech namely by organising; ‘The Fintech Ecosystems of Malta and Türkiye’ event locally, while attending internationally renowned fintech events such as ‘UK Fintech Week’, ‘ADGM Fintech Abu Dhabi Festival’, ‘Crypto Expo Dubai’ and ‘Artificial Intelligence and Blockchain Summit (AIBC Summit)’. reiterates its commitment to support this growing niche, with several events supporting this niche earmarked for 2023.


Article by: Karl Gauci, Manager,

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