6 significant FinTech companies based in Romania
By Joy Dumasia
FinTech companies are driving real change for consumers and businesses alike. The unbundling of financial services allows FinTech start-ups and scaleups to provide more efficient and streamlined offerings and disrupt traditional banking, payment, and lending services.
Risk Management in banking continues to be a primary focus area, especially in the current burgeoning regulations landscape that has hit the financial services industry over the last couple of years. The IBSi Sales League Table reported that Romania witnessed a total of 5 deals in the Risk Management category in 2021.
According to Statista, the Romanian market’s largest segment will be Digital Payments, with a total transaction value of €8,041.00m in 2022. It is further predicted that 5 years later, Digital Payments will reach a total transaction value of €15,860.00m in 2027.
The following are 6 significant FinTech companies based in Romania:
Allevo provides software solutions that help banks, companies, microfinance and public administration process financial transactions and achieve compliance. The open source distribution model enables lower TCO, end-to-end interoperability and operational risk containment. The applications built for financial institutions process payments and transactions, automate flows and offer compliance with regulatory and industry standards.
Headquartered in Bucharest, Finqware was established in 2018 by a team of FinTech enthusiasts, each with a strong background in either banking or core IT infrastructure. Cosmin Cosma, as Business Development Lead, Dumitru Taraianu as Technical mastermind and Danut Covalciuc as Chief of Operations, decided to start the company and leverage the global transformation of the financial industry to the new interconnected API economy.
Smart FinTech provides open banking APIs. It offers a payment gateway to FinTechs for accepting payments and a solution to generate payment requests sent to an authorizer. The authorizer authenticates via the bank in order to complete the payment.
NeoBT is an AI-based personal finance management software. Its products include Neo Radar for transaction analysis, Neo Cash for cardless withdrawals, Neo Travel for currency exchange, Neo Family for payment management, Neo Shopping for expenditure management, Neo Friendship for money transfers, Neo Control for multiple accounts management, Neo Smart for bills management, Neo Flow for money management, Neo EasyPay for payment disbursements and more.
IT Smart Systems is an open banking and payment integration solutions for businesses. It provides payment gateway integration that allows the merchant to accept online payment from customers and open banking API for data aggregation and payment initiation. It also offers an identity and access management solution to provide risk management, fraud assessment, user authentication & authorization, and automated customer onboarding.
Ingenio Software is a banking software suite provider; its product includes loan life cycle management software, risk management tool, POS-based payment solution, business intelligence solution, and more. Ingenio Software’s features include loan servicing, online/offline payment solutions, digital banking, credit risk assessment, and more.
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September 30, 2022