Porto is to host the largest fintech centre in the country

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Filipa Brito

Payment cmpany euPago is to invest two million euros in a venue that will work as a hub of innovative ideas in the fintech area. This place will be located near Constituição and will accommodate about 20 startups, this year alone.

The fintech concept is used to describe startups that work towards innovation and optimization of services within the financial sector; and this is an increasing area in Porto. That very function is performed by euPago, founded in 2015, when it took the definition “online trade ATM”, delivering payment solutions and services, namely Payshop, Pagaqui, Paysafecard and MbWay, to companies with online services, and services provider, which also include donations and private sales.

The company’s next goal is to work as a “sandbox”, i.e, a space where “third parties can test innovative ideas in the market”, as stated by euPago in a news release. The investment is worth two million euros, with the office space already chosen: escritório74, in Porto, and about to become “the largest “fintech centre in Portugal, working as a strong pole of attraction as regards investment”, furthers the company, that also states that the company’s main objective is to accommodate other fintech that can use the euPago escritório74 resources to create new business opportunities regarding payment systems in Portugal.

José Veiga, euPago executive director explains that “as there are only four licenced operators in online payments in Portugal, we have the social responsibility to support other fintech, by providing space and licencing. We strive to endorse 20 startups, new or already existing, by the end of 2021”.

euPago showed about ten million transactions in 2020, with a portfolio of over 9 thousand clients in different areas.