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Silicon Valley FinTech Pursues Bulgarian Talent

by Feb 5, 2021

Silicon Valley FinTech Pursues Bulgarian Talent

One of the World’s Fastest Growing FinTechs – Mbanq – Reveals Bulgarian Growth Strategy.

Strategic market conditions, high levels of technology education and a hunger to go global make Bulgaria an attractive base for FinTech development and expansion, according to Mbanq, a leading Silicon Valley-based banking technology innovator.

Mbanq is a venture-backed provider of cutting-edge banking technology. It creates and operates digital banks across its core markets in the USA, Asia and Europe, and provides a path for digital transformations for companies that wish to offer financial services through digital channels.

Vlad Lounegov, CEO of Mbanq, says,

“It is Silicon Valley’s best kept secret that Bulgaria is the next big center for IT innovation. Mbanq has identified the market opportunities that make this country such a great place for technology businesses. Mbanq is pursuing a market entry strategy to help build the next generation of advanced technology for financial services.”

Bulgaria is a centre of global excellence in IT education, with over 30 IT schools and 8,000 students majoring in Computer Science at any given time. It also ranks first in Europe for IT-certified specialists per capita.

Valeri Valtchev, Chairman of the Bulgarian FinTech Association (BFA), says,

“Mbanq’s approach is a welcome boost to foreign direct investment in Bulgaria and once again proves the country is an attractive FinTech destination with countless opportunities for investors.”

“Forming a great development team means investing in people and offering the right conditions and opportunities for ideas to be turned into reality and flourish,” Lounegov adds.

Mbanq has demonstrated strong growth, both organically and through Mergers and Acquisitions, and has identified the Bulgarian IT talent pool as one of the country’s key assets.

Bulgaria has a highly developed FinTech industry, with 102 FinTech companies operating in 9 segments. The ecosystem includes a growing number of startups as well as venture capital funds, angel investors, and more than 90 additional IT companies that provide software products and services for FinTechs.

With innovation and digitalization at its core, Bulgaria’s FinTech industry is very important for the overall efficiency and modernization of the economy. The BFA says that 72% of Venture Capital investment was invested in FinTech in Bulgaria in 2019-2020.

A massive advantage for investors is Bulgaria’s overall cost-effectiveness. Sofia was ranked first in the top 10 FinTech locations of the future in a recent study conducted by fDi Intelligence.

Silicon Valley developers and investors have taken notice and Mbanq is leading the charge. Currently, Mbanq is deep in negotiations with several Bulgarian FinTechs to join the Mbanq family and expand their Bulgarian operations across the world.

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