Fintech or financial technology market is a rapidly developing industry in the world. It implies the provision of financial services through the internet and modern technologies. This industry is at the initial stage of development on the Georgian market as well. Currently, the “Georgian Fintech Association” operates in Georgia, which as of 2022 United 21 fintech companies. According to the estimates of the association, about 50 companies operate in the local market. There is also a tendency of international players to be interested in the market, including “Paysera Georgia”, which is a partner of Lithuanian fintech company Paysera and the first digital bank licensed by the National Bank of Georgia. Also, “United Payment” – Turkey’s largest FaaS (Fintech asa Service) company is preparing to enter Georgia. The appearance of fintech services on the Georgian market has made it urgent to have analytics on the topic. This type of information is scarce at the moment.
The presented report is intended to show a broad picture of the local fintech market to readers and includes the following key components:
• Fintech market size evaluations;
• Discussion of trends that directly or indirectly affect the development of the fintech market;
• Analysis of funding of local fintech startups based on projects supported by the Georgia’s Innovation and Technology Agency.