Romanian financial group invests in payment app
BT Investments, part of the Banca Transilvania financial group, has invested in the local start-up Timesafe, which has developed the Pago payment app.
"The partnership with Banca Transilvania will allow us to accelerate the development of the Pago application. The investment will be used especially for the product’s technical developments and the addition of new suppliers and new types of payments," Adrian Cighi, Pago co-founder, said.
The Pago app can be used to manage and pay utility bills, to charge prepaid cards and pay road taxes. It is the only app allowing users to pay bills for over 40 utilities suppliers, according to the app founders.
The app was launched at Future Banking 2017, an event dedicated to digitization and innovation in the banking and payment area. Adrian Cighi has initially invested more than EUR 100,000 in the app. He plans to reach 50,000 users by the end of this year.