Portugal tech news – Portuguese Fintech Rauva acquired Portuguese bank Banco Empresas Montepio for around € 30 million and has been named one of Portugal’s Top Emerging Fintech.
Fintech startup Rauva, that was founded in 2022 by Jon Fath and Sam Mizrahi, has been chosen by Portugal’s central bank, Banco de Portugal, to take part in its FinLab programme and has been named a Portugal’s Top Emerging Fintech.
Fintech startups are in the limelight in Portugal, with almost 1.5 million Portuguese now using neobanks that operate exclusively online banking solutions. According to FinTech Magazine, Portugal is not only Europe’s 4th largest market in the fintech sector but also the fastest growing European country to adopt neobanking solutions. According to research by SEON, almost a third of Portuguese people will have a neobank account by 2027.
The Fintech Times has stated that the introduction of the Digital Euro, that was announced by the European Commission in June 2023, promises to redefine transactions across the Eurozone.
The co-founder and CEO of Portuguese fintech Rauva, Jon Fath, has stated that the acquisition of fully fledged bank Banco Empresas Montepio will not only allow the company to provide the best services, but this exciting move also puts them even closer to becoming one of Portugal’s first Fintech Unicorns.
Rauva co-founder Sam Mizrahi, a Canadian real-estate tycoon, believes that the acquisition of Portuguese bank Banco Empresas Montepio will allow fintech Rauva to offer new financial products geared towards small and medium enterprises (SMEs), including new credit solutions. The Rauva app allows users to have a digital account and payments system, as well as physical and digital cards, and accounting solutions.
According to Yahoo Finance, despite the fact that Europe’s Mediterranean region currently hosts 50% of the European Union’s SME’s and freelancers, there is a lack of market-specific banking apps due to market specificities such as differing tax, legal and banking requirements in the different countries. Portuguese fintech startup Rauva will target those 20 million potential customers by delivering a market-specific solution to the region.
Portuguese fintech Rauva has established its headquarters at Portugal’s FinTech House, that is a leading digital hub, to enable the company to tap into the country's newly thriving tech community.
According to Rauva CEO Jon Fath, “Portugal offers a lot of potential to tech start-ups. There is a growing community of tech specialists, a strong and modern network, and a powerful infrastructure that we will build on.”
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