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European FinTech Association

EFA

The European FinTech Association advocates for the interests of digital finance providers across Europe.

Lobbying Activity

Meeting with Egelyn Braun (Cabinet of Commissioner Michael McGrath), Fiona Knab-Lunny (Cabinet of Commissioner Michael McGrath), Kevin Barrett (Cabinet of Commissioner Michael McGrath)

2 Jul 2025 · Exchange of views on the forthcoming Digital Fairness Act, 28th regime

Meeting with Johan Van Overtveldt (Member of the European Parliament)

1 Jul 2025 · European competitiveness and innovation

Meeting with Eric Ducoulombier (Acting Director Financial Stability, Financial Services and Capital Markets Union)

1 Jul 2025 · General catch-up on payments priorities and files

Meeting with Billy Kelleher (Member of the European Parliament)

1 Jul 2025 · Payments and fintech regulation

Meeting with Michalis Hadjipantela (Member of the European Parliament)

24 Jun 2025 · Introductory Meeting

Response to EU Start-up and Scale-up Strategy

17 Mar 2025

Do you agree that startups and/or scaleups face the hurdles identified in this document (access to finance, regulatory and bureaucratic burdens and fragmentation, access to markets, access to talent, and access to infrastructure, knowledge and services)? Yes, in particular: Venture capital: Large investors have recently reduced venture capital allocations after a decade of growth. Most VC funding comes from the U.S., meaning IPO proceeds largely flow there. While fintech startups benefit from early-stage VC and angel investment due to fiscal incentives, scale-ups lack similar support, pushing them toward U.S. investors. Existing incentives, like tax breaks for innovative startups, are too limited and inconsistent across the EU. The venture capital sector remains underdeveloped, with public funds often spread across early-stage firms rather than fostering large tech champions. In the EU, usage of the capital markets remains low, in particular for pillar 3 of the pension system, which would lead to a deeper European capital market. Tax regimes: Europes fragmented tax regimes hinder scaleups, forcing them to navigate 27 systems. VAT compliance is time-consuming, requiring unified reporting guidelines. Double taxation treaties add complexity, as providers must apply different rules per customer. A standardized approach to tax residence certificates and withholding tax is needed. Bureaucratic burden: The bureaucratic burden overall in the EU remains elevated. In addition, the EU framework functions as a 28th Member State, because national regulation comes on top of the EU regulation (gold-plating). There are several areas in the past year where regulation has substantially increased including environmental reporting, IT security, AML and data protection amongst others) Are there any additional hurdles faced by startups and/or scaleups? Yes: Financial education and approach to risk: We must move past the idea that businesses have to rely on bank loans rather than investments. This mindset makes corporate law overly complex and ignores startups' unique financial nature. It is normal for startups to simultaneously have a negative EBITDA and be highly capitalized; yet they face barriersfrom renting office space to access public tendersdue to short-sighted financial assessments that overlook their innovation and growth potential. Lack of competitive trading platforms: To compete globally, the EU needs large-scale exchanges to rival New York and attract IPOs. Efforts to improve transparency, data, and investor protection have yet to make European platforms truly competitive, as they remain too tied to local markets and rules. Talent acquisition: Stock option rules, crucial for fintech talent, remain complex, highly taxed, and fragmented. The EU should harmonize employee equity compensation and boost startup visas and skills partnerships. Knowledge transfer programs can fuel long-term growth, and an EU-wide initiative to develop high-demand tech skills would strengthen the ecosystem. Transitional regime for scale-up: National fiscal incentives have fostered a favorable environment for startups and SMEs. However, beyond this stage, EU firms lack a transitional regime to support their growth. Goldplating: Goldplating remains a key issue requiring a truly unified legal framework. Despite efforts, the EU still lacks a seamless Single Market. Scaleups must establish local branches and adapt to each Member State, limiting economies of scale and hindering growth in a fragmented market. What actions do you think the EU and/or its Member States should take to address these hurdles? Venture capital: The EU should extend initiatives to support investment in innovative sectors beyond the start-up phase, moreover these incentives should be harmonised across member states. The EFA full response is attached.
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Response to Savings and Investments Union

7 Mar 2025

The European Fintech Association (EFA) endorses the Commissions plans to transform the Capital Market Union (CMU) into a Savings and Investment Union (SIU) and its main goal of fostering the development of a SIU. The following analysis highlights some significant areas that in the opinion of EFA are crucial for the SIU to enhance the EU's financial landscape, approaches that need to be followed to create economic impacts and potential challenges.
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Meeting with Emil Radev (Member of the European Parliament)

22 Jan 2025 · ALM; Digital EUR; Priorities for the new mandate

Meeting with Tomáš Kubín (Member of the European Parliament)

22 Jan 2025 · introduction to the structure and members of the association

Meeting with Reinis Pozņaks (Member of the European Parliament)

22 Jan 2025 · Introductory meeting

Meeting with Maria Guzenina (Member of the European Parliament) and European Tech Alliance

22 Jan 2025 · E-commerce

Meeting with Jussi Saramo (Member of the European Parliament)

22 Jan 2025 · Rahoitusalan sääntely ja disruptio

Meeting with Anouk Van Brug (Member of the European Parliament)

21 Jan 2025 · Courtesy call

Meeting with Cynthia Ní Mhurchú (Member of the European Parliament)

21 Jan 2025 · Internal Markets and Competiveness

Meeting with Regina Doherty (Member of the European Parliament, Shadow rapporteur) and Bundesverband Öffentlicher Banken Deutschlands eV

21 Jan 2025 · FIDA

Meeting with Martine Kemp (Member of the European Parliament)

21 Jan 2025 · General Meeting

Meeting with Virginijus Sinkevičius (Member of the European Parliament)

21 Jan 2025 · PSR, PSD3

Meeting with Aura Salla (Member of the European Parliament)

20 Sept 2024 · EU Financial Services Policy

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur) and Association Française de la Gestion financière

14 Nov 2023 · Retail investment strategy

European FinTech Association urges optional data sharing schemes

31 Oct 2023
Topic — This initiative aims to create a new framework for accessing and sharing financial data.
Message — The EFA wants customers to access, automate, or authorize data sharing via software tools. They argue that participation in data sharing schemes should remain strictly optional.12
Why — Optional participation avoids the overhead of price regulation and technical fragmentation.34
Impact — Vulnerable customers may lose access to tools if data holders charge high fees.5
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Response to Payment services – revision of EU rules (new Regulation)

27 Oct 2023

The European FinTech Association (EFA) welcomes the European Commissions (Commission) proposals for a new Payment Services Directive (PSD3) and Regulation (PSR). PSD2 has delivered a more innovative, competitive payments landscape in Europe, allowing consumers to benefit from new products and services and more secure payments. However, challenges remain, and while it is encouraging to see these addressed in the proposals, EFA would like to encourage the co-legislators to pay particular attention to the following areas: safeguarding, transparency in cross-border payments, open banking, access to payment systems, and consumer protection.
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Response to Payment services – revision of EU rules (Directive)

27 Oct 2023

The European FinTech Association (EFA) welcomes the European Commissions (Commission) proposals for a new Payment Services Directive (PSD3) and Regulation (PSR). PSD2 has delivered a more innovative, competitive payments landscape in Europe, allowing consumers to benefit from new products and services and more secure payments. However, challenges remain, and while it is encouraging to see these addressed in the proposals, EFA would like to encourage the co-legislators to pay particular attention to the following areas: safeguarding, transparency in cross-border payments, open banking, access to payment systems, and consumer protection.
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Meeting with Mairead McGuinness (Commissioner) and

18 Jul 2023 · Distribution of Retail financial products

Meeting with Mairead McGuinness (Commissioner) and

28 Mar 2023 · Round-Table on Digital Euro (with EVP Dombrovskis and DG FISMA)

Meeting with Alfred Sant (Member of the European Parliament)

11 Jan 2023 · Open finance

Meeting with Andrea Beltramello (Cabinet of Executive Vice-President Valdis Dombrovskis)

18 Nov 2022 · digital finance

Meeting with Werner Stengg (Cabinet of Executive Vice-President Margrethe Vestager) and FTI Consulting Belgium

17 Nov 2022 · Digital financial services

Meeting with Nicolo Brignoli (Cabinet of Commissioner Mairead Mcguinness)

4 Mar 2022 · Retail Investment Strategy

Meeting with Mairead McGuinness (Commissioner) and

28 Jan 2022 · Presentation of FinTech start-ups

Meeting with Nicolo Brignoli (Cabinet of Commissioner Mairead Mcguinness)

14 Jan 2022 · Retail payments strategy, instant payments.

Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

23 Nov 2021 · Digital payments

Meeting with Mairead McGuinness (Commissioner)

3 Jun 2021 · Address Annual Assembly