Press Release: Romania is Europe's latest digital challenger
Romania, whose economy is among the fastest-growing in the EU, manages to surprise with its transition from fainéant to performer. Taking advantage of a favorable context, largely generated by the development of local startups and the…
Romania, whose economy is among the fastest-growing in the EU, manages to surprise with its transition from fainéant to performer. Taking advantage of a favorable context, largely generated by the development of local startups and the introduction of international FinTechs, the nation has succeeded in positioning itself close to the top. It has partially closed the economic gap to Western Europe and its residents, enabling an improvement in the living standards.
Romania can truly be considered a digital challenger because it showcases a strong potential for growth in the economy based on digital computing technologies, building a legacy of excellence. New tech and fast-growing clusters are exceeding expectations as it is.
Digital development in Romania presents many opportunities for FinTech firms to introduce their solutions
The FinTech industry, in particular, has become of great interest in the Romanian entrepreneurial scene and has reached the status of an enabling partner. Startups are committed to revolutionizing finance and come to the help of anyone who wants to get a better loan or invest in non-traditional products like classic cars. The word that defines banking at present is digital. Smaller companies are offered the chance to grow locally and globally.
In spite of the fact that Romania can’t compare to neighboring countries like Poland or the Czech Republic, the FinTech scene is rapidly transitioning to a dynamic ecosystem for startups given the increased demand for FinTech solutions and the rise of digital banking. Startups launched in Romania can expect numerous monthly get-togethers, private and public funding initiatives, startup conferences, not to mention vibrant co-working spaces.
FinTech acquisitions are increasing, which only confirms the observation regarding a maturing market. So, what are the Romanian startups to watch out for in 2020? Here are 3 recently founded startups deploying advanced technology to simplify people’s finances:
FintechOS
FintechOS offers B2B services and Automated Software Testing as a Service. This Romanian company seeks to transform today’s financial technology, with an emphasis on closed systems and prohibitive pricing. The solutions proposed are best suited for established and challenger banks, as well as insurance companies interested in accelerating digital adoption. FintechOS has designed a platform that works just like an operating system and makes it possible for financial institutions to instantly create apps and services.
Instant Factoring
Instant Factoring provides flexible working capital financing to small and medium-sized businesses. Small firms and micro-enterprises are able to transform their invoices into cash, therefore, gaining access to money that is due a lot faster (typically, in 24 hours), so they can reap the rewards of their work. The Romanian company ensures the transparency of transactions by using blockchain technology.
