myPOS named a top performer by BFA’s Annual Fintech Report 2021

The Bulgarian Fintech Association (BFA) released its annual report and placed myPOS in the top five best performing fintech companies in the country. The report is released for a third consecutive year, and it marks the achievements of the digital finance industry in Bulgaria and Southeastern Europe.

According to BFA’s Chairman Valeri Valtchev: “Some consider fintech a buzzword, meaning nothing else but a small niche within financial services. Others believe it is a brand new sub-sector, limited to fast-growing technologically advanced SMEs. In fact, fintech is both the advancement and the use of technology by traditional financial institutions, as well as the newly formed financial business models.”

Whichever definition you choose to describe fintech, we can all agree that this is a fast-growing industry that seeks to make the lives of small and medium merchants easier through seamless payment acceptance tools that help businesses grow. 

In fact, it grows so fast in Bulgaria that the country jumped 17 spots in the Findexable global country ranking. This shows that the BFA report comes just in time to provide a great overview of more than 20 private and public key fintech stakeholders and to celebrate the achievements of the sector. 

Some of the most prevalent highlights related to the fintech landscape in this report include: 

• The year saw the fintech landscape growing to 135 companies, most of which are SMEs in some of the country’s major cities of Sofia, Varna and Plovdiv.
• Despite the Covid-19 pandemic, total operating revenue increased to reach 1.4 billion BGN.
• Approximately half of the total Bulgarian fintech revenue in 2020 originated from the top five fintech companies, three of which are home-grown champions.
• In terms of total revenue, myPOS topped the charts at number three of the top five best performing fintech companies in the country.   
• In terms of operating revenue, myPOS made it in fourth place out of the top five performers in Bulgaria.
• In 2020, the operating revenue of the top five most dynamic fintechs increased by an average of 29%.
• The largest contributor to the performance of the sector was digital payments, representing 66% of the total operating revenue in 2020. 

At myPOS, we are delighted to have made it on the BFA’s top five list and believe that going forward into 2022, we will continue offering merchants across Europe the ability to receive their money immediately, irrespective of whether the transaction is performed during business hours or on a weekend. 

As myPOS Technologies AD CEO Maxim Kochnev said in the report “behind our success is not only an innovative product, but also a team of over 300 highly qualified professionals in the Netherlands, UK, Austria, Portugal, Italy, France, Belgium, Romania and Bulgaria.”

Regarding myPOS’ future plans, Kochnev stated that: ”our plan is to continue providing SMEs with new useful solutions that are currently available only to the large players. We are also planning to expand into new markets outside Europe.”

The Annual Fintech Report 2021 is a collaboration between the Ministry of Finance of the Republic of Bulgaria, the Financial Supervision Commission, the European Commission, European Bank for Reconstruction and Development, InvestBulgaria Agency, BFA and many more. 

The non-profit BFA unites and leads fintech companies in Bulgaria. Its mission is to “create a platform bringing together all parties in Bulgaria with an interest in financial technologies and to encourage the communication and exchange of ideas among them.”