New fintech in Romania promises to extend EUR 5,000 loans in less than one hour

A new fintech platform for multi-credit services in Romania, Omnicredit, which operates exclusively online, was launched on June 5. The majority shareholder of the company is investment fund Reconstruction Capital II Limited (RC2), present in Romania since 2005 and listed on the London Stock Exchange.

The platform’s owners claim that it meets the financing needs of small entrepreneurs because 70% of micro-enterprises are not eligible to access classic bank loans. The platform offers eight types of credit products, and its managers claim they can extend loans of up to RON 25,000 (EUR 5,200) in less than an hour, local Agerpres reported.

According to Omnicredit, the platform can quickly deliver money to its customers: online registration is done within 30 seconds, the credit decision is taken within one hour after the loading of the documents, and the money reaches the client’s account within 8 hours after the approval. There is no need for visiting the physical premises in any of the steps of the process, all decisions and procedures being conducted online, Omnicredit representatives say.

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