Trailblazing in fintech
From revenue-based financing to on-demand salary payments, Poland is trailblazing the fintech industry with an estimated value of €856m. Paired with its rapidly developing entrepreneurial ecosystem, Poland is setting the benchmark for financial innovation.
Digital payments are the country’s biggest fintech segment, accounting for over 50% of the market. Last year, there were over 21 million people making digital payments - a 5.5 percent increase from the previous year. Contactless payments, virtual wallet payments, and wearable devices equipped with contactless technology were the most-used payment methods powered by Polish fintech innovation.
Unrivalled investment performance
Last year was an incredibly exciting time for Polish fintech startups, with 270 companies operating and 31 of those making the FT 1000 Europe’s Fastest-Growing Companies list.
Expanding into Poland was the natural next step for Yapily as the country’s growing appetite for fintech solutions has led to an increase in international investment. Poland saw record funding in 2021, attracting $8.2bn in investment value. By the end of this year, Polish fintech funding is expected to exceed $150bn.
Key funding announcements
- Flexee raises €2.8m to offer salary access in real-time
- Ramp raises $53m to make crypto purchasing instant
- Omnipack raises €7.5m to provide full-stack fulfilment services
- VC firm Inovo raises $54m for Poland’s rising tech stars
- Synerise raises €21.9m for its AI-first behavioural data platform
Opportunities in Poland
Poland has a population of 38 million, of which nearly 40% are active fintech users. Innovation is treated as customary, particularly when it comes to digital payments. As a result, Poland features in the top 5 countries regularly using contactless technology and boasts a market quick to absorb fresh, innovative solutions. Poland is a hub of fintech activity with an exponential rise in startups such as Ramp, Nethone, Booste and Flexee.
Poland is particularly attractive for startups entering into virtual currency. Legislation is one of the most favourable when it comes to taxation, allowing crypto companies to scale at will. Open banking supports wallet top-ups and enhances conversion, so startups don’t need to create a personalised solution every time they enter a new market.
Yapily’s Pan-European coverage will support Polish fintechs who are looking to expand their solutions into wider Europe and beyond.
Integrating with Yapily
The Polish Financial Supervision Authority (PFSA) has provided its own API standard that most banks operating in the region have followed to comply with Open Banking regulations. This standard has created greater complexity due to the number of API integrations needed to carry out the different AIS and PIS flows.
Yapily now supports the banks operating through the Polish API framework, enabling us to support Polish financial institutions.
Yapily streamlines the process, reducing the required integrations by more than half. Our platform simplifies, unifies and adapts the responses of each bank through less complicated and more complete APIs. Even better, with Yapily’s single API, you don’t need to worry about the even greater variation of standards across the UK and the rest of Europe beyond Poland.
By integrating with Yapily, companies can bypass the high cost of integration required by each bank as a result of each releasing its own adaptation of the API standard. Today our coverage gives access to over 25 million customer accounts in Poland, covering some of the largest banks in the Polish market including PKO Bank, mBank, Bank Pekao and more.
Yapily customers gain reliable access to both retail and business accounts across the region, allowing them to access financial data and initiate direct account-to-account payments.
What’s next?
Following our expansion into the Baltics and Poland, we’re continuing our mission to transform the financial landscape in every corner of Europe. The next country on our radar is Portugal - check back soon!
