Polish fintech PragmaGO takes over Romanian digital factoring specialist Telecredit
<p>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.&nbsp;</p>

<p>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 <a href="https://www.profit.ro/povesti-cu-profit/tranzactie-finalizata-fintechul-polonez-pragmago-preia-o-companie-romaneasca-si-intra-pe-piata-locala-plan-de-crestere-accelerata-21862372?mc_cid=b98de57f51&amp;mc_eid=cd1f92f96c" rel="noopener" target="_blank">Profit.ro</a>.</p>

<p>Confirmation of the fulfillment of the suspensive conditions was expected in the second half of October 2024.</p>

<p>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.&nbsp;</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p><em>iulian@romania-insider.com</em></p>

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