Fagura, a pioneering fintech platform, is thrilled to announce its recent regulatory approval from the Financial Supervisory Authority in Romania, under Regulation (EU) 2020/1503 and Romanian Law no. 244/2022. The attainment of the Authorisation as a crowdfunding service provider is a milestone achievement that marks the beginning of Fagura’s expansion into the Romanian financial market under the Fagura.ro domain, bringing with it exciting opportunities for both investors and borrowers. Supported by prestigious partners such as UNDP, USAID, EBRD, EFSE, SIDA and UKAID, this next step in our development brings added confidence to the Romanian market.
Launched in 2019 in Moldova, the fintech platform Fagura has already built a strong reputation through cutting-edge technology, coupled with transparency, financial inclusion, and ESG support, in financing green economy projects, e-commerce, and businesses developed by women. Tested and validated in the Republic of Moldova, Fagura facilitates crowdfunding and investment, connecting individual investors with borrowers seeking funding for various purposes, focusing on small business financing. The platform’s mission is to provide accessible and fair financial solutions to the community they are part of – a new generation of professionals and entrepreneurs with a mind setup for growth, innovation and a deep sense of togetherness. With a first step into social lending, the platform aims to evolve into a virtual financial space offering digital financial solutions and revolutionizing the way people access and manage their finances. The platform fagura.ro will offer an online financing option tailored for small and micro Romanian companies, at the same time allowing investors to choose the companies to invest in based on the detailed business plans made available, with options to use Auto-Invest functionality or Secondary Market.
The Visionaries Behind Fagura’s Success
The success of Fagura’s expansion can be attributed to the exceptional leadership of its key figures, including CEO Tudor Darie and COO Cristian Pasa. Their vision, experience, and commitment to financial innovation have been instrumental in Fagura’s growth and success. Tudor Darie is a serial entrepreneur with prior successes in fintech, digital media, digital advertising, and IT services, providing him with the strategic insight crucial for Fagura’s growth. Cristian Pasa, with a five-year stint at Bloomberg and experience in a fintech startup, has been key in shaping the company’s operational strategies. Their combined expertise forms a dynamic leadership team that has been instrumental in Fagura’s success.
The Importance of Cross-Border Expansion
“Expanding into Romania represents a significant phase in Fagura’s journey. This strategic move is poised to bring several advantages: diversification of the client base, a steep increase in the number of potential investors and borrowers, and, last but not least, our first step into the European Union arena. It’s a new, exciting, but challenging territory. We are also preparing to officially launch the project in the Romanian market within the next two months, further extending our reach and impact”, said Tudor Darie, CEO of Fagura.
The Potential Impact on the Romanian Financial Industry
“Fagura’s expansion into Romania has the opportunity to have a transformative impact on the local financial landscape. Focusing solely on funding small enterprises, Fagura will increase the choice of financing options on the market”, stated Cristian Pasa, COO of Fagura.
With a risk assessment strategy that includes creditworthiness of both company and administrator as well as a solid credit scoring system, it is an opportunity provider to companies with more difficult access to lending products. With a seamless and fast online application process, Fagura is a promoter of financial inclusion.
One important aspect is the investment opportunities it offers to both private individuals and companies – Romanians can now diversify their portfolios and explore this alternative option offering competitive returns that may not be available through traditional savings accounts or deposits.
Acquiring Regulatory Approval
The approval from Romania’s Financial Authority highlights Fagura’s dedication to regulatory compliance and its ability to navigate mature financial regulations. Key elements of this approval process included demonstrating a robust product and technology as well as a solid business plan for the medium and long term, proven risk assessment capabilities, establishing a legal entity in Romania, and committing to transparency and reporting.
The successful application of Fagura for the EU Crowdfunding Authorisation was made possible through the expert legal counsel provided by CEE Attorneys / Boanță, Gadei și Asociații. Their diligent effort, legal expertise in the specific area of fintech and the comprehensive understanding of Romanian financial regulations played a crucial role in guiding Fagura through the application process which led to this significant milestone of their journey.
Fagura’s expansion into Romania is a defining moment in the company’s development and if executed well, it will lead to the growth of the community and the entrepreneurial landscape. The company remains committed to having a significant role in the Romanian fintech arena and to reshaping the future of financial services.
Fagura.com was launched in May 2019. The platform features automated scoring that enables decision-making in less than one second. It has been recognized with multiple awards in the Fintech sector at both national and regional events: Top 3 Best FinTechs in 2019 (Romania), FinTech Brand of the Year in 2020 and 2021 (Moldova), and the Startup with the Greatest Impact in 2020 and 2023 (Moldova). Additionally, Fagura.com was a winner of the InnovX BCR Accelerator in 2022, named among The Next 100 Global Companies by Global Banking & Finance Review, and received accolades at the Euro-Asian Startup Awards in 2022.