The 5 Hidden Fintech Hubs: Prague

Prague

The capital of the Czech Republic is known for its rich history. Tourists gather every year to look at the Prague Castle or the Charles Bridge in addition to numerous museums and galleries. Prague, however, is not only popular because of its culture, but is also a political and economic center for Central Europe. The city is home for many international companies, employing almost one-fifth of the entire Czech population. Needless to say, the city has opened up its doors for the Fintech industry.

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How does the city attract Fintechs? Prague has began several Fintech events to boost the industry’s activity in the city. The first of many is Phoenix – a Fintech conference for CEE region which takes place in September. The Fintech Forum Prague is also an opportunity for Fintechs to network and present their ideas. Thus, Fintechs such as Worldcore (a prepaid debit card provider), Twisto Payments (a tech company that disrupts developing markets) and SoNet (a payment solution integrator), which are all based in Prague, can easily enter the international sphere. Many events and startups in Prague mean greater market value for Fintech in the Czech Republic, predicted to reach $4,660m in 2017.

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With its many visitors, Prague has to keep up to the quickly developing world. A great engineering infrastructure combined with innovation make the city a prospering Fintech hub. Although the capital of the Czech Republic is famous for its largest segment Digital Payments, recently, Prague has began focusing on bitcoin – a newly developed trend within the industry. 112 merchants and 8 bitcoin ATMs make Prague a pioneer when it comes to virtual currency. Combined with payments, crowdfunding and lending, bitcoin drives Prague towards the leading positions in Europe for the Fintech industry.

Sources:

Phoenix Conference

Fintech Forum Prague

Fintech Spotlight: Czech Republic

Statista: FinTech Czech Republic

Top 17 Eastern and Central European FinTech Companies to Watch out for in 2016

Study in Prague, Czech Republic

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Author

Dara Lazarova

Working Student Venture Development at finleap