Fintech Fagura launches crowdlending platform in Romania

Moldova-born fintech platform Fagura has started its operations in Romania with the launch of the crediting-based crowdlending platform Fagura.ro.

The platform aims to offer a funding solution for small and micro enterprises, while investors can be both individuals and legal entities. The evaluation of the funding requests is done online, based on a score developed in-house by Fagura, with the time-to-money process lasting between 24 hours and 14 days.

The platform, which received regulatory approval from the Financial Supervisory Authority (ASF) in Romania this September, has been developed and tested in Moldova, where the intermediated investments reached EUR 4.4 million.

According to data reported for Moldova, more than 160 small and micro-companies received funding with the help of the platform, through programs supported by the United Nations Development Program – UNDP and Future Technologies Activity FTA (USAID, Sweden and UK Aid).

The value of the loans that can be accessed is of maximum EUR 20,000 for four years. The interest, fixed throughout the duration of the contract, varies according to the risk of every company accessing the funding. The platform is focused on IT and financial industry employees, the diaspora community, freelancers and entrepreneurs with average and high incomes, the company explains.

“We want to build a financial growth community for millennials and Generation Z, which allows them to invest and borrow. Fagura is a participative financing platform that can bring more democracy to the finance industry. Investors can test investments starting with EUR 25, while entrepreneurs can request a loan in 15-20 minutes, 100% digital and without any paperwork. […] The fundraising process is transparent, encourages investments from the diaspora, and helps small businesses with big ambitions to become better known and get new clients and partners,” Tudor Darie, CEO and co-founder of Fagura, explained.

Fagura.com was launched in May 2019 as a platform for alternative investments in loans, registered in Estonia and tested in Moldova, with an automated scoring system allowing decision-making in seconds.

(Photo courtesy of the company)