The views of international investor Oleg Boyko on risk, partnerships and people in emerging markets feel especially timely today. Europe’s fintech sector, once the continent’s growth engine, is showing signs of maturity. At the same time, regions such as Africa, Southeast Asia and Latin America are drawing increasing attention. As global investment patterns shift, Boyko’s ideas resonate with a wider debate: what it takes for fintech to grow sustainably in fast-developing markets.
Europe’s Fintech from boom to a more selective market
For over a decade, fintech was Europe’s flagship sector, drawing record levels of venture capital and producing some of the region’s most recognizable scaleups. That momentum has now slowed. According to Sifted, total investment in European fintech fell by 20% in the first half of 2025, dropping from €4.6bn in the same period a year earlier to €3.7bn. Deal activity also cooled, with the number of completed rounds dropping from 322 to 275.
This cooling places fintech behind deeptech, healthtech, and B2B SaaS, each of which raised over €5bn during the same period. It is a striking reversal for an industry that only a few years ago was considered Europe’s growth engine.
The contraction isn’t uniform. Investors are still backing strong teams with bigger cheques: median deal size rose 38% to €4.2m. Sub-sectors such as crypto and payments grew by more than 40%, with notable rounds for Flowdesk ($102m, Paris) and Dojo ($190m, London).
Europe’s fintech slowdown is not a collapse but a sign of maturity. The region has world-class players in payments, digital banking, and lending, but this success has made it harder for newcomers to break through. Investors demand profitability, regulators tighten rules, and customer adoption is near saturation in key markets.
When growth at home becomes harder, ambitious companies look outward. KPMG’s latest Pulse of Fintech report notes that global payments investment is already “rebalancing towards Southeast Asia, Latin America, and Africa”.
Asia: A New Fintech Powerhouse
Asia has emerged as one of the most resilient regions for fintech investment. According to KPMG, companies in Asia-Pacific raised $4.3bn across 363 deals in the first half of 2025, even as global activity slowed. In Southeast Asia, funding dipped by less than one percent in 2024, compared with a 28% global decline — a sign of how firmly the region is positioned on investor radars.
The momentum is shaped by several trends. Digital challenger banks are expanding across major markets, while embedded finance and fintech infrastructure-as-a-service are rapidly gaining ground. Singapore continues to act as a regional hub, with deal activity increasing even as total fintech investment declined in 2024. Major rounds, such as Airwallex’s $300m Series F at a $6.2bn valuation, highlight the continued investor appetite in the region.
Asia offers size and energy, but also complexity: fragmented regulation, strong incumbents, and cultural diversity mean that success often depends on partnerships with banks, telecom operators and super-apps.
Africa: Untapped Demand and Rapid Digital Adoption
Africa combines massive untapped demand with the opportunity to build financial infrastructure from the ground up. According to Partech, African startups raised $3.2bn in 2024 despite the global downturn, with fintech taking the largest share.
This divergence drives investors to explore Africa not as a fallback but as the next growth chapter. Europe brings experience in compliance and product design, while Africa offers scale, rapid adoption, and a digital-first consumer base. The question is no longer whether Africa will matter for fintech, but how European companies can find the right way to enter.
Oleg Boyko on Growth in Emerging Markets
For startups, entering emerging markets is exciting but rarely straightforward. As investor Oleg Boyko notes, new demand alone does not guarantee success. These regions move fast, but rules can change quickly and infrastructure is still developing. Growth requires careful planning rather than ambition alone.
Oleg Boyko is an international investor and founder of Finstar Financial Group. With decades of experience in finance and a portfolio that spans multiple regions, he has made fintech a priority area of investment, particularly in markets where digital solutions can broaden access to financial services. His focus on emerging economies gives him a practical view of both the opportunities and the risks facing fintech today.
One key idea from Boyko is to treat risk as part of the business model, not just something to avoid. Practically, this means being ready for surprises and building flexible models that adapt.
He also emphasises the role of partnerships. Many fintechs grew by competing head-to-head. In emerging markets, cooperation with mobile operators, local banks and technology providers often determines whether a business can scale. In Boyko’s view, such partnerships are not secondary but a strategic asset.
Another crucial factor is people. Technology only succeeds when it adapts to local habits and culture. Oleg Boyko notes that hiring and empowering local experts is often the most valuable investment. Trust, language and cultural understanding are not minor details but the foundations of everyday adoption.
Together, these principles outline a pragmatic approach: recognise risk as part of the journey, treat partnerships as long-term commitments, and put people at the centre. For Boyko, this is how companies can succeed in fast-growing markets — by building with care, patience and respect for the communities they serve.
