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.\u00a0<\/p>\n
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 Profit.ro<\/a>.<\/p>\n Confirmation of the fulfillment of the suspensive conditions was expected in the second half of October 2024.<\/p>\n 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.\u00a0<\/p>\n 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>\n 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>\n 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>\n