2019 was a successful year for the fintech sector. Many start-ups have increased their valuations and customer bases. They have successfully entered new markets and developed innovative services, taking over the revenues of traditional players.
Polish entrepreneurs have shown that they are able to adapt to any new situation, regardless of how challenging it is. They are used to relying on each other, to support each other. Paulina Walkowiak, CEO of cux.io, says that companies can only make it out of this crisis by working together.
The Polish venture capital scene had a strong second half of 2019, with over PLN1bn (EUR235.7m) invested in start-ups in the Q3, led by DocPlanner, Brainly and Booksy pulling in large investment rounds from overseas investors.
Development depends on the economy's saturation with entrepreneurs who are motivated by the desire to creative new things, and not just to make a living for themselves. That is why the expansion of start-ups is so important.
Economists from the Warsaw School of Economics warn that the economic recovery after the last recession in the Central and Southeast Europe (CSE) had already lasted 20 quarters, and that the important leading indicators had gone down.
In 2017, a record amount of USD3.5bn was invested in Central and Southeast Europe (CSE) by private equity and venture capital funds. 71 per cent of this amount was spent in Poland, which is the regional leader.
Some 59 per cent of Polish start-ups are financed exclusively from own funds, 83 per cent operate on the B2B model, these were the results published in the latest Start-up Poland Foundation report published during the 28th Economic Forum in Krynica.
Crowdfunding has an exponential growth in the Adriatic region. In the last five years, startups, companies, associations, and individuals organised more than 2200 group financing campaigns, with some USD9m collected money.