Moldovan fintech Fagura raises EUR 780,000 in equity investments on Seedrs

Fintech Fagura.com, an alternative investment platform for loans developed by Moldovan entrepreneurs, successfully closed its second round of equity investments held on the British platform Seedrs.com, raising over EUR 780,000. The funds will be used to expand the project in Romania and develop the first digital banking services on the platform.

The startup said that more than 280 investors showed their support for the project, investing amounts varying from EUR 20 to tens of thousands of euros.

“The total amount raised represents 195% of the round target and is one of the largest amounts raised on Seedrs by a startup from the Romanian ecosystem,” reads the press release.

The crowdfunding campaign took place in two stages: the private one, where investors from Fagura’s community primarily invested, and the public one, open to investors from all over the world. As a result, Fagura will offer about 13.5% equity at a EUR 5.78 million post-money valuation.

“The second crowdfunding round was a real success for us, considering the international crisis we are going through. We were able to raise twice as much funding from our community compared to the first round, and these resources will help us grow faster in times of uncertainty,” said Fagura CEO Tudor Darie.

In turn, Mihai Stipanov, Mozaic Ventures, UK, said: “For us, at Mozaic Ventures, it is a priority to invest in ambitious projects and founders from Moldova. We found the team at Fagura very competent and capable of scaling up the product both regionally and globally. It is this scaling potential that attracted us the most in making this investment decision, but also as the original technical solution that Fagura offers.”

As of last week, Fagura intermediates loans for individuals and companies in Moldova exclusively. However, the company said that investors from the EU and the UK are also welcome to the platform.

Fagura.com was launched in May 2019 and is an alternative investment platform for loans, deploying an automated scoring mechanism that allows loan decisions to be made in a few seconds.

(Photo source: Fagura)