With a financial advantage, European fintech is still unable to catch up with Asian and African players.

You might think that there is nothing wrong with European fintech as it seems to be evolving slowly but surely. According to the research, from 2013 till 2019, European businesses have created €128B value, which is twice as much as any other tech sector. However, if you start comparing their end-products with Asian super apps, you’ll find the former ones falling behind time.

A decade ago, in China, you could use the WeChat app not only to talk to your friends and send them money. It was also possible to pay for your groceries, order a taxi, or book a flight ticket. The app was so popular that street beggars shared their QR-code to accept donations. The reason is that the most people didn’t have any cash on them. Until now, Europe hasn’t designed anything quite like that.