Moldova’s fintech Fagura, a financing marketplace based on P2P principles, has received regulatory approval to operate on the Romanian market from the Financial Supervisory Authority (ASF).
In the short term, the company will develop a marketplace based on P2P lending technology, where people looking for loans at a lower interest rate than the financial market meet with investors interested in a more consistent return than bank deposits.
Launched in 2019 in Moldova, Fagura has already intermediated loans in the amount of €2.5mn, with maturities of up to three years.
The average maturity of the loans intermediated was 23 months and the average interest rate was 22.8%. The average size of a loan was €1,672.
The investors active on Fagura platform are mainly from Europe (particularly Moldova, Germany and the UK) but also Southeast Asia.
“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 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.