Polish fintech PragmaGO takes over Romanian digital factoring specialist Telecredit

Enterprise Investors-owned Polish fintech PragmaGO, one of the largest non-banking financial institutions on the Polish market providing services to small and medium-sized entrepreneurs, took over the Romanian peer Telecredit IFN, which operates under the Omnicredit brand, from the investment fund Reconstruction Capital II Limited (RC2) and Elisa Rusu, the company's CEO.

The Katovice-based fintech is purchasing 89% of Romanian Telecredit's share capital for a total consideration of EUR 5.785 million, with the price possibly rising to a maximum amount of EUR6.23 million depending on Telecredit's financial results in 2025, according to Profit.ro.

Confirmation of the fulfillment of the suspensive conditions was expected in the second half of October 2024.

Telecredit operates under the Omnicredit brand (Omnicredit.ro) and is a Romanian fintech company providing digital factoring services and, to a lesser extent, loan financing to small and medium-sized enterprises.

The new investor plans to significantly increase the scale of Telecredit's operations. The buyer intends to introduce its financing model, with cash advances and B2B products, to the Romanian market.

In 2023, Telecredit had sales revenues of RON 9.9 million and a net profit of RON 1.7 million. The business totaled RON 201.2 million. Unaudited data for the first half of 2024 indicate sales revenues of RON 7.5 million and a net profit of RON 2.7 million.

The receivables portfolio of Omnicredit, which also provides non-bank financing solutions for SMEs, increased by 54% y/y to EUR 6.4 million at the end of 2023. The company's receivables portfolio increased to EUR 8.2 million during 2024.

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