In 2021, Hungary’s fintech sector, utilizing innovative technologies, underwent marked expansion. Of the 175 active firms, 85% operated in the B2B domain, although this is decreasing as the market evolves. Micro and small enterprises dominated, accounting for 80%. Typically, larger firms are older start-ups transitioning to fintech, whereas smaller ones have a foundational fintech focus.
These firms, in 2021, excelled in developing financial software and systems, often collaborating with industry giants. They achieved a turnover of HUF 220 billion (EUR 568.8 million), up by HUF 50 billion (EUR 129.2 million) year-on-year. Employment nearly tripled between 2015 and 2022, with a 20% rise from 2021 to 2022. While data analytics and business intelligence led in hiring, blockchain saw a 20% reduction in 2022. Employment in the areas of investment, finance, and insurance rose by 23% from 2021. In essence, Hungary’s fintech trends echo global financial shifts.
Source: hungarytoday.hu
