Why Poland is an attractive destination for fintech companies in 2024: Fintech in Poland on the rise
Europe has become one of the key regions in the world for fintech companies. The number of investments and expansions by international fintech companies is growing year after year, showing the huge potential that lies in this region. Many global players are choosing to expand their operations in Europe, recognizing the unique opportunities offered by the local markets, regulations and innovative environment. Poland, as part of the European market, is becoming one of the most promising destinations for financial technology companies.
Europe a key market for fintech companies
According to Ezequiel Canestrari, COO of ClearBank Europe, Europe has become an attractive region for fintech companies for several reasons. First, it is characterized by a diversity of markets, which gives companies the opportunity to tailor their products to different consumer needs. In turn, the European Union, as a single market, allows access to many countries with a single license. For fintech companies that plan to expand internationally, this is a huge convenience. Thanks to regulations such as PSD2 (Payment Services Directive) and DORA (Digital Operational Resilience Act), fintechs can operate in the European market while complying with uniform regulations and ensuring the security of their services.
Europe also presents tremendous opportunities in the form of a growing number of consumers who are becoming more receptive to innovative financial services.
Cyber security in Europe – a priority for fintech companies and startups
Against the backdrop of digital threats, cyber security has become one of the most important aspects of fintech companies’ development in Europe. In response to the growing number of cyber attacks and online threats, investing in advanced security has become a necessity. Fintech companies are prioritizing the protection of their customers’ data and regulatory compliance, which is supported by European legislation such as DORA, which aims to strengthen resilience against cyber threats.
Regulation in Europe is key from a security perspective. Compliance with regulations such as PSD2, which enables innovation in payments, and DORA, which focuses on operational resilience in the event of cyber attacks, allows financial firms to offer top-notch services.
Poland as an attractive market for fintech companies
Poland is becoming an increasingly attractive destination for fintech companies, thanks to its dynamic economic growth, increasing demand for financial and technology services and rich talent pool. In particular, the financial services and technology sector is growing in Poland, offering significant advantages such as lower operating costs compared to Western Europe.
Poland’s geographic and political location increases its importance as a strategic center that allows companies to access the EU market while benefiting from lower operating costs.
Benefits of locating in Poland
Poland stands out primarily for its cost efficiency and access to a broad pool of highly skilled talent. The country boasts a large, well-educated workforce characterized by advanced technical skills and increasing specialization in the financial services sector. Moreover, Polish professionals excel in English communication, facilitating collaboration with international partners and enabling seamless operation in the global business environment. These factors make Poland an extremely attractive location for investors seeking efficiency and innovative solutions.
Poland is home to major operational centers for international financial institutions such as Citibank and UBS. Technology giants like Google, IBM, and Microsoft have also chosen Poland as a base for significant operations, recognizing the country’s skilled workforce and strategic location.
Recognized as one of the top destinations in Europe for business services, the country hosts nearly 2,000 service centers, including BPO, SSC/GBS, IT, and R&D, employing over 450,000 people, according to ABSL data. These centers provide a wide range of services, such as IT, finance, HR, and customer support, for companies across the continent and beyond. Thanks to these investments, Poland is becoming one of Europe’s most significant business hubs.
Growth of the Polish economy and fintech sector
Poland, with a population of nearly 40 million people, is becoming an increasingly important financial services and technology center in Europe. Projections for the Polish economy show GDP growth of 3.6% in 2025, supported by strong private consumption and investment.
Poland’s fintech sector is growing at an impressive rate. Statista data shows that the number of fintech companies in Poland has increased from 167 in 2018 to 368 in 2024. This demonstrates Poland’s growing potential as a destination for innovative financial technologies. Poland is also home to the popular BLIK application, which has revolutionized the mobile payment market in Poland. The value of e-commerce transactions via BLIK has increased from 0.01 billion zlotys in 2015 to nearly 126 billion zlotys in 2023, a huge leap in Poles’ use of the tool. Transactions via ATMs, payment terminals and P2P systems are also growing rapidly, confirming Poland’s large role in the European mobile payments market.
Poland as a center for innovation and talent
Poland is also one of the best places on the map of Europe when it comes to technological innovation and access to highly skilled professionals. According to a HackerRank study, Poland ranks third in the world in terms of the quality of programmers, behind only China and Russia. This is a huge asset that attracts international companies looking for top talent. What’s more, Poland ranks 13th in the EF English Proficiency Index, confirming the high level of English proficiency among Polish workers in the technology sector. As a result, Polish professionals are well prepared to work with international companies, and their skills are highly valued in the global market.
You can read more about the excellence of Polish specialists in our article The Global IT Rankings: Poland at the top with the best programmers in the world.
The future of the fintech market in Poland and Europe
In the coming years, the fintech sector in Europe, and Poland in particular, has great potential for further development. Fintech companies will develop cross-border payment services and invest in blockchain technology and artificial intelligence. Thanks to regulatory support and growing demand for innovative financial services, Poland has a chance to become Europe’s fintech hub.
Poland’s fintech sector is developing rapidly, and the growing number of investments and international R&D centers are proof of its strength. Poland is one of the largest financial services markets in Central and Eastern Europe, and its economy will have a key impact on the future of the sector. From the perspective of ClearBank and other fintech companies, the coming years will be crucial for the further development of innovative financial services in Poland and Europe.
Sources:
- https://absl.pl/en/sector-in-numbers
- https://www.hackerrank.com/blog/which-country-would-win-in-the-programming-olympics/
- https://www.hackerrank.com/research/developer-skills/2023
- https://www.statista.com/statistics/1036660/blik-transactions-poland/
- https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/poland/economic-forecast-poland_en
- https://www.statista.com/statistics/1246490/poland-number-of-fintech-companies/