Romania’s fintech ecosystem has grown steadily over the past few years, driven by a combination of strong IT expertise, a wave of innovative startups, and increasing digital adoption. Ranked in the top 15% globally for offshore outsourcing, Romania has a deep talent pool that fuels fintech innovation. 

But fintech doesn’t exist in a vacuum. The country’s financial sector, shaped by decades of transformation from a state-controlled system to a competitive market, has played an equally important role in paving the way for this growth.

While Romania benefits from a growing interest in digital transformation, it also navigates the challenges of a traditional financial market that has been slow to adapt to change. This blend of progress and conservatism makes Romania’s fintech story unique—a mix of ambition and caution that shapes the way the sector evolves.

Regulatory Landscape

Romania’s fintech regulations are still a work in progress, but they’re heading in the right direction. While there’s no specific legal framework just for fintechs, most activities fall under existing financial regulations, like those for payment services, electronic money, and anti-money laundering (AML). The regulatory approach focuses on what the business does, not the technology it uses—something called “technological neutrality.”

The National Bank of Romania (NBR) plays a major role here, overseeing payment services and electronic money institutions to ensure compliance with both local and EU regulations. Alongside NBR, the Financial Supervisory Authority (ASF) oversees non-banking financial markets, including capital markets, insurance, and private pensions, playing a key role in maintaining financial stability. More recently, ASF and NBR have been working together to develop a regulatory framework for digital assets, aiming to balance innovation with investor protection.

Romanian regulators have also introduced initiatives to make innovation easier. The NBR’s FinTech Innovation Hub provides fintech companies with a space to discuss compliance questions and navigate regulatory hurdles. Similarly, the ASF’s regulatory sandbox lets companies test new products in a controlled environment, giving them room to experiment while staying within the rules.

Aligning with EU Standards

Romania’s alignment with EU directives, such as PSD2 and the 5th Anti-Money Laundering Directive, provides fintechs with a clear framework to operate. Recent amendments to AML rules, for instance, now allow electronic identification methods, making digital onboarding smoother and more accessible for companies. Additionally, new eIDAS 2 and 3 regulations are set to further standardize digital identification across Europe, ensuring fintechs can offer seamless authentication and electronic signature services across borders.

Cybersecurity and operational resilience are also under the spotlight with the Digital Operational Resilience Act (DORA), which will introduce stricter security and risk management standards for financial institutions, including fintechs. The NBR joined by ASF and DNSC are overseeing its implementation, with banks in Romania already undergoing cybersecurity testing ahead of the regulation’s enforcement in January 2025.

 DORA focuses specifically on the financial sector, while something like the NIS2 Directive, implemented in Romania through OUG 155/2024, applies to a broader range of industries, including banking

One example of regulatory enforcement in action is TOKEN’s recent authorization as a payment institution by the NBR, allowing it to handle both online and in-store payments under PSD2 regulations. This approval highlights Romania’s ongoing efforts to support fintech innovation while ensuring compliance with European payment laws.

Still, navigating regulations remains a challenge for fintech companies. Romania does not yet have a dedicated regulatory framework tailored specifically for fintechs, meaning companies often operate within broader financial regulations that may not fully account for the nuances of emerging technologies. This can create areas of legal uncertainty, particularly for startups and firms working with new financial models. At the same time, fintechs must engage with multiple regulatory bodies, which can be a resource-intensive process.

The State of Banks, Neobanks, and Fintechs in Romania

Romania’s financial sector is evolving quickly, with banks, neobanks, and fintech companies adapting to meet changing consumer expectations. In recent years, the banking market has undergone significant consolidation, with major acquisitions reshaping the sector. Notable transactions include Banca Transilvania’s acquisition of OTP Bank România, UniCredit’s merger with Alpha Bank România, and Intesa Sanpaolo’s purchase of First Bank.

Beyond consolidation, Romania is home to some of the region’s most significant financial players. Banca Transilvania has grown into the largest bank in Southeast Europe, strengthening its position through acquisitions and digital transformation. Also, CEC Bank, a state-owned institution, remains a key player in the local financial system, and recent government initiatives are set to establish a third state-owned bank, Banca de Dezvoltare a României (BDR), to further support economic development.

Much of this evolution has taken place against a backdrop of relative financial stability, shaped in large part by the long-standing leadership of Mugur Isărescu at the National Bank of Romania (NBR). As the world’s longest-serving central bank governor, Isărescu has played a key role in maintaining economic balance, allowing the banking sector to modernize while ensuring stability during major economic shifts.

As of 2023, Romania’s fintech ecosystem consisted of approximately 84 companies, with digital payments leading the way as the dominant sector. That same year, the number of fintech usersin Romania reached 10.1 million, with the majority actively using digital payment services. The total fintech revenue within the Romanian banking system peaked at around $74 million in 2023, including $10.9 million from digital investment.

Innovations in the Market

Traditional banks, such as Banca Transilvania are embracing digital transformation to streamline services and improve customer experiences. Many are adopting technologies like automation, artificial intelligence, and predictive analytics, while open APIs are enabling better integration with fintech solutions.

A key example of this shift is George, Erste Bank’s digital banking platform, which has reached 10 million users across six countries—including 2.34 million in Romania alone. Romanian specialists have played a crucial role in its development, making up 25% of its engineering team. Similarly, Raiffeisen Bank Romania has doubled the number of digital loans issued, with four times more customers opening accounts directly from their phones, and digital wallet transactions up 87%. These trends indicate that digital banking is no longer just a feature of neobanks—it has become a core strategy for traditional banks as well.

But speaking of neobanks, they are definitely a contributor to reshaping the market, with Salt Bankleading the way as Romania’s first fully digital bank. Originally Idea::Bank, it was acquired by Banca Transilvania and later rebranded as Salt Bank. To power its neobank transformation, Salt partnered with Engine by Starling, the SaaS division of UK-based Starling Bank, launching its digital-first platform in 2024. Starling is a pioneer in the digital banking world and one of the first mobile-only banks built entirely in the cloud and on its own proprietary technology.

Prior to that, Revolut has rapidly expanded in Romania, making it the company’s second-largest retail market globally. With over 3 million users as of 2023, Revolut has strengthened its presence in Central and Eastern Europe, particularly in Bucharest, which has the highest concentration of Revolut users in the EU. In December 2024, Revolut Bank UAB’s Romanian branch became officially active, granting the company full banking license status in the country. 

Digital payments are by far the largest segment in Romania’s fintech market. In 2022, the total transaction value reached approximately €8,041 million, and projections show this figure could nearly double to €15,860 million by 2027. This growth highlights how fintech companies are shaping consumer behavior and increasing adoption of digital financial tools.

Beyond standard market payments, Romania’s market has diversified with other payment optionsincluding digital wallets (Apple Pay, Google Pay), Buy Now, Pay Later (BNPL) solutions (TBI Pay, Mokka), and online payment processors (PayU, NETOPIA Payments, EuPlătesc). At the same time, more alternative payment methods like instant bank transfers and in-store QR code payments are gaining traction, reflecting an evolving digital financial landscape.

Visa has been a key driver of innovation in Romania’s payments sector. In 2020, it introduced Tap to Phone, a solution that enables merchants to accept contactless payments directly on Android devices with NFC, removing the need for additional hardware. This innovation gained traction, especially during the pandemic, as digital transactions surged.

Beyond private sector innovations, Romania’s banking ecosystem is also seeing advancements in state-backed digital payment solutions. In October 2024, RoPay was launched as a national instant payment system developed by TRANSFOND and the Romanian Banking Association, allowing users to transfer money instantly via mobile banking apps using QR codes, NFC, or phone numbers. 

At the same time, Ghișeul.ro, Romania’s official state-run online payment system, launched a mobile app enabling citizens to pay taxes, fines, and fees directly from their smartphones, further reinforcing the country’s shift toward digital financial solutions.

Fintech Market Expansion

Romania’s fintech ecosystem is evolving beyond local startups, with major international players entering the market and established fintechs consolidating their positions.

One of the latest entrants is Token Financial Technologies, which expanded into Romania in 2023 through its Odero brand, investing €7 million to modernize in-store payments and support merchant adoption of digital transactions. Another major development came with the National Bank of Romania authorizing BLIK, Poland’s instant payment system, which is now integrating with local banks to offer seamless mobile transactions. These moves highlight the growing interest in Romania’s digital finance landscape, particularly in the payments sector.

Beyond new market entrants, the fintech sector is also seeing consolidation. In December 2024, PragmaGo completed its acquisition of Telecredit, strengthening Romania’s alternative lending market and improving digital financing options for SMEs. Meanwhile, FintechOS, a company with hopes to become the next local unicorn after UiPath, continues its global expansion. It leverages its low-code solutions to help banks and insurers accelerate their digital transformation, further positioning itself as one of Romania’s most promising fintech scale-ups.

Challenges in the Sector

While Romania’s fintech sector has grown significantly, it still faces structural and market challenges that shape its future trajectory. Compared to Western European markets, financial infrastructure in Romania and across the broader CEE region is still evolving, leaving room for both development and innovation.

One of the biggest opportunities for growth is financial inclusion. While digital banking adoption is high in urban areas, access to financial services in rural regions remains uneven. This gap represents both a challenge and an untapped market, with fintech companies and traditional banks working to expand financial accessibility through digital-first solutions.

At the same time, cybersecurity risks are increasing as digital services expand, making security and fraud prevention a top priority for financial institutions. Regulatory frameworks such as DORA aim to strengthen operational resilience, but ensuring compliance and customer protection remains a continuous effort.

Despite these challenges, Romania stands out as one of the most digitally progressive markets in the region. Romanians have proven to be early adopters of financial technology, as seen in Revolut’s rapid expansion and the success of digital banking solutions like George. The country’s strong IT workforce has also played a key role in driving innovation, with many global fintech platforms tapping into Romanian talent for development and expansion.

Startups & Investments 

Romania’s fintech sector is rapidly growing, with an increasing number of innovative companies entering the market each year. Overall, the country is home to more than 1,600 active tech startups across various industries, with the fintech segment contributing significantly to a total startup valuation of around €19 billion.

The booming IT sector has been a major factor in this growth, helpingto position Romania as a key player in Europe’s startup ecosystem. In fact, Romania is ranked 8th in Eastern Europeand 44th globally when it comes to startup ecosystems. On average, startups here raise about $7 million each, which is no small feat.

Startups to Watch

Several Romanian fintech startups have been distinguishing themselves both locally and internationally, reflecting the sector’s increasing maturity. Instant Factoring, already a key player in SME financing, expanded into Spain in May 2024, following strong performance in Romania and Serbia. 

Similarly, Pago, a popular bill payment and subscription management platform, secured €2.3million in Series A funding in October 2024, fueling its expansion into five European countries, including Italy, Poland, and the Czech Republic. Pluridio, a rising fintech in lending solutions, is also scaling its operations beyond Romania.

Another standout is FlowX.AI, a Romanian fintech focused on modernizing banking infrastructure through AI-driven solutions. In 2023, the company secured a record-breaking $35 million Series A investment, the largest of its kind for a Romanian startup. This funding, backed by investors such as Dawn Capital, is fueling FlowX.AI’s expansion as it helps banks accelerate their digital transformation.

Beyond that, here are other notable names in the startup fintech sector:

• Prime Dash: Financial analytics and forecasting for smarter business decisions.
• Symphopay: Point-of-sale payment integration with analytics and loyalty tools.
• Lendrise: Fintech enabling digital identity & creditworthiness globally.
• Bankata:Financial comparison tools and personalized banking insights.
• Lendox:Lending platform that streamlines loan processing and credit risk assessment.

Challenges in the Ecosystem

That said, it’s not all smooth sailing. Many fintech startups still struggle to secure the funding they need to grow. While the appetite for innovation is definitely there, accessing investment remains a challenge, especially for early-stage companies trying to scale in a competitive market. Building relationships with investors and convincing them of long-term value often takes significant time and effort.

Investment Trends and Market Size

The investment landscape in Romania has been picking up steam. In the second half of 2024 alone, angel investors in the TechAngels network poured €2.76 million into tech startups. Platforms like SeedBlink have also played a big role in connecting early-stage companies with funding opportunities, mobilizing over €145 million in startup investments by 2022. 

Romania’s fintech sector has also drawn increasing attention from international investors. FlowX.AI’s record-breaking $35 million Series A round in 2023, but beyond international interest, local investment networks are also driving fintech growth. Transylvania Angels Network (T.A.N.), one of Romania’s leading angel investor groups, has facilitated over €3.5 million in investments across 30+ startups, including fintech companies like iFactor.

At the same time, larger funds are reinforcing Romania’s position in the CEE fintech landscape. In early 2024, GapMinder Ventures launched an €80 million venture fund, the largest of its kind in Romania, backed by investors like the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD). The fund prioritizes early-stage B2B startups across Romania and neighboring countries, with a focus on fintech, cybersecurity, enterprise automation, and data analytics.

Digital investment platforms are also gaining traction, with the market expected to growby 11.66% annually, reaching $4 billion by 2028. These trends suggest that while challenges exist, there’s a lot of room for optimism as more investors start to back Romanian startups.

Associations and Support 

Romania’s fintech scene isn’t just about startups and big players—it’s also supported by key associations and institutions working behind the scenes to drive growth and collaboration. Here’s a look at who’s helping the ecosystem thrive:

RoFintech – The Romanian Fintech Association

Founded in 2020, RoFintech is the go-to organization for fintech companies in Romania. It helps startups navigate regulations, connects them with resources, and advocates for the industry at both national and European levels. The association is all about fostering collaboration and opening doors for Romanian fintechs to expand internationally.

Romanian Banking Association (ARB)

Founded in 1991, the Romanian Banking Association (ARB)represents the interests of the banking sector, promoting a stable and competitive financial environment. ARB plays a critical role in facilitating dialogue between banks, regulatory bodies, and stakeholders while working to align Romania’s financial sector with international standards.

Romanian Treasurers’ Association (ATR)

Established in 2015, the Romanian Treasurers’ Association (ATR) is a non-profit professional organization supporting specialists in corporate treasury, financial markets, and corporate finance. ATR fosters collaboration and knowledge-sharing among its members while advocating for a more mature and competitive financial market in Romania. The association also organizes training sessions and events to strengthen industry expertise.

Accelerators & Incubators 

Beyond regulatory support, Romania’s fintech ecosystem benefits from dedicated accelerators and incubators that help startups scale, secure funding, and expand internationally.

• InnovX– One of the leading fintech accelerators in Romania, helping early-stage and scale-up startups connect with investors, corporate partners, and global markets.
• Techcelerator – Next FinTech – A program selecting top fintech and SaaS startups, offering support for product development and access to venture capital networks.
• RoFintech Incubator – A planned initiative aimed at fostering the next generation of Romanian fintechs, providing mentorship, networking, and early-stage guidance.

These programs play a crucial role in bridging the gap between startups and investment, ensuring that fintech innovators in Romania have the resources and support needed to grow.

Challenges and Opportunities

Romania’s fintech sector is expanding rapidly, but growth comes with its share of challenges. One of the biggest challenges remains political instability, with frequent government changes and unexpected legislative shifts that impact the business environment. Recent policies, such as the so-called “Ordonanța Trenuleț,” have raised concerns among companies about the predictability of regulations. 

At the same time, regional geopolitical tensions—including the ongoing war in Ukraine—continue to affect investor confidence, although local economic instability often outweighs external factors in shaping market uncertainty.

Another challenge is the lack of specialization in fintech. While Romania has a strong IT industry and a booming SaaS sector, fintech expertise remains relatively scarce. Many developers and entrepreneurs have experience in general tech but not in the complex regulatory and financial aspects required for scaling fintech solutions. This gap makes it harder for startups to find the right talent and expertise needed to compete in an increasingly sophisticated market.

To address this, Romania’s academic sector and financial institutions have launched initiatives to train the next generation of fintech professionals. Babeș-Bolyai University in Cluj-Napoca, in partnership with Banca Transilvania, now offers a “Data Science for Industry and Society” master’s program, equipping students with financial data analysis skills. EximBank collaborates with ASE Bucharest on internship programs, providing students with practical exposure to banking and fintech operations. Meanwhile, Banca Transilvania’s EU-cofinanced education projects support professional training and help students transition into the workforce, fostering a stronger pipeline of fintech professionals.

Despite obstacles, Romania’s fintech ecosystem presents enormous growth opportunities. The country has a growing appetite for digital financial solutions, with high adoption rates for digital banking, instant payments, and contactless transactions. The rise of unicorns and soonicorns in the tech space has created a ripple effect, inspiring new fintech startups and attracting global investors who see Romania as a strong emerging player in the sector.

Romania is also becoming a key market for fintech, payment, and infrastructure providers. Many international fintechs looking to expand in the CEE region see Romania as a natural next step due to its strong consumer base and tech-savvy population. Established players like Visa, Revolut, and PayU already have a significant presence, while other companies are actively eyeing Romania for expansion. The bigger question for Romania now is how fast it can catch up to other countries like Poland and establish itself as a true financial powerhouse in Central and Eastern Europe.

Conclusion

Romanians have a saying: Românul se naște poet (the Romanian is born a poet), a nod to the nation’s creativity and ability to find solutions where others see obstacles. The same applies to the country’s fintech sector, where ambition and adaptability are driving growth despite obstacles. The real challenge now is scaling beyond national borders. With the right tools, collaborations, and a bit of that signature Romanian ingenuity, local fintechs have the potential to make a mark on the global stage.

For those looking to dive deeper into Romania’s fintech evolution, UNCHAIN’s Fintech Tour is making its next stop in Romania on March 6, 2025. It’s the perfect opportunity to connect with industry leaders, explore emerging trends, and see firsthand how Romania is shaping the future of fintech in the region.