Fintechs in Europe
: a country Panel Data analysis of the key determinants for Fintech lending for 2013-2019

  • Tomás Mota Videira (Student)

Student thesis: Master's Thesis


The Dissertation's academic research question addresses the main Fintech credit determinants for 25 European Countries for 2013-2019. In order to address the latter, this Document's empirical strategy employs a "Short Panel data" strategy using the Fixed effects model. It first, critically analyses a baseline panel data regression that contains key determinants of Fintech credit across European Countries and five control variables. Second, three dimensions are analysed using three vectors of country-specific variables to ensure a very comprehensive range of Fintech scenarios. Therefore, three panel data regressions are critically analysed to assess the impact of (i) the openness of the business environment; (ii) the heterogeneous Banking System characteristics; and (iii) the Populational characteristics on the Fintech credit determinants and on Fintech credit itself. The main databases used are the WorldBank, BankFocus, WorldEconomicForum, and other datasets from the existing academic literature. The main findings suggest a positive association between GDP per capita and Fintech credit per capita up to a maximum threshold level of income. In terms of accessibility, the Dissertation’s findings show a negative relationship between bank branches and Fintech credit. Banking regulation is also negatively related to Fintech credit while the robustness checks suggest an interesting positive correlation between Fintech regulation and Fintech credit. Furthermore, the findings also suggest that Fintech lending activities tends to occur in countries with considerable friendly business environment, with stable and efficient banking sectors and where specific segments of population (rural or above 65 years old population) present a larger share of the total population.
Date of Award29 Jan 2021
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorDiptes Prabhudas (Supervisor)


  • Fintech
  • Credit
  • Fintech determinants
  • Panel data estimation


  • Mestrado em Economia

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