EDIT with Recognition for its Support for the Innovative Ecosystem

Тhis is the blog of the open network EDIT, launched by MOVE.BG. The articles are also available on the official website of MOVE.BG.

The open digital network of MOVE.BG is one of the entrepreneurial organizations that help emerging businesses, says Sofia Fintech Mapping 2020.

EDIT (Economic Development via Innovation and Technology) is one of the organizations in the entrepreneurial ecosystem that supports the development of the fintech industry in Sofia. The recognition comes from the first mapping of the financial technology sector in the Bulgarian capital, carried out by the Bulgarian Fintech Association in partnership with Innovative Sofia.

EDIT is the open digital network created by MOVE.BG in support of the development of the innovative ecosystem in our country. We organize various projects and initiatives that connect and educate stakeholders in the digital business. Several months ago, we became Bulgarian partners of the European association of green technology startups Greentech Alliance, as well as of tech2impact – a European network that supports technology startups with societal impact. At the beginning of the coronavirus crisis, we were among the initiators of an ad-hoc coalition, which proposed measures to support Bulgarian innovative small and medium enterprises, namely startups and scaleups

Sofia Fintech Mapping 2020

In the last few years, the fintech business has developed rapidly in Bulgaria and several innovative startups with serious perspectives to enter international markets have emerged. 

“Fintech, short for financial technology, represents the effect of new technologies on the financial sector. The term Fintech stands for new business approaches, products, and services that remodel the common understanding of financial and banking services. Fintech could be any company, whose core business is related to the creation or use of technologies, enabling innovations, facilitating the offering, access, and/or usage of financial services, etc.,” reads Sofia Fintech Mapping 2020.

According to the report, 83 out of 100 fintech companies in Bulgaria are based in the capital, and they operate in 9 segments. The largest percentage of fintech businesses in Sofia offer products and/or services for the payment/billing segment (34%), followed by the capital market (13%) and lending (11%). At a fourth place with 9% are fintech businesses that use one of the rapidly emerging new technologies – the blockchain or the code behind cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The analysis also shows that there are about 90 companies that offer products and services for fintech businesses.

The organizations that support the development of the Innovative ecosystem have played an important role in the growth of the fintech industry in Sofia in recent years. The mapping puts those players in various categories, depending on their profile. The open digital network of MOVE.BGEDIT – is part of the category “Entrepreneurial organizations” along with several other NGOs, including the Bulgarian Startup Association (BESCO), the Bulgarian Private Equity and Venture Capital Association (BVCA), and the Association of Bulgarian Leaders and Entrepreneurs (ABLE). There are also foreign organizations, such as the European Business Angels Network (EBAN), of which MOVE.BG is a partner.

The remaining organizations supporting the ecosystem are divided into several other categories, including “VCs and PE Funds”, “Accelerators and Incubators”, “Digital and Innovative Coworking and Maker Space, “IT Schools and Software Academies”, “Media”.

Image: Innovative Sofia.

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