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What
Every country presents its fintech attractiveness through a variety of metrics and reports, often selectively choosing from a broader set of data. However, less than one-third of European countries clearly list their data sources, raising questions about transparency in the fintech landscape. Many countries that highlight their fintech potential rely heavily on internally derived vanity metrics, often omitting references to established rankings and valid links to data. Only 52% of these countries utilize at least one external source, while a significant amount of the content refers to sources that are outdated, relying on information from beyond 2021. To address these gaps in transparency, ConnectPay turned to us to lead the creation of the European Fintech Index (EFI)—a comprehensive industry ranking that compiles the largest collection of open data about fintechs across Europe.
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Methodology
The EFI evaluates country potential through three key dimensions, each of which is broken down into specific indicators that best reflect the strengths of a country in that area:
- Business Environment Attractiveness assesses the overall context for conducting business within a country, for instance, factors such as friendliness to startups, ease of doing business, tax competitiveness, and related aspects.
- Market Attractiveness examines favorable conditions for establishing fintech ventures, such as market size, growth rate, and customer demand for fintech solutions.
- Fintech Environment Attractiveness evaluates aspects that support fintech companies in running their operations and scaling effectively, including the presence of fintech-related regulations in each market, fintech funding per capita, fintech workforce share, and the number of fintech licenses.
Across these dimensions, which encompass a total of 1,056 data points, each variable is evaluated equally, regardless of complexity. For the overall ranking, the scores from all three dimensions are combined to determine a country’s overall position, offering the most reliable evaluation of market conditions for a new fintech business. The overall EFI rankings may come as a surprise—established fintech hubs like the UK and France are ranked 9th and 10th, while smaller countries such as Estonia and Luxembourg take 5th and 4th place, respectively.
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Result
The EFI has led to immediate and ongoing engagement and interest from government bodies, proving its value as a comprehensive, unbiased decision-making tool for businesses and government organizations alike. This stakeholder engagement highlights the EFI’s role in shaping the future of fintech across Europe. Since its launch, the Index has been featured in leading publications such as the Paypers and the Fintech Times, further establishing its relevance within the industry. Additionally, it has achieved significant visibility, ranking as a top source on Google and Bing for keywords like 'European fintech index' and 'fintech index.' We see this as just the beginning and invite fintech organizations, industry experts, and data providers to collaborate with ConnectPay, offering input, discussing methodologies, and helping shape the future of the European Fintech Index.
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