Romanian businessman Dan Ostahie, the owner of the electro-IT retail network Altex, one of the largest retailers in the local market, is launching an operator (Credex Pay) to provide payment processing services to both online and offline retailers in Romania.

He will launch this business in partnership with a niche company in Bulgaria (Paynetics), founded by former European Bank for Reconstruction and Development (EBRD) senior banker Ivo Gueorguiev, who is also part of Banca Transilvania’s board of directors, and Traian Baicu, a lawyer who has worked in Brussels and Washington for White & Case and today owns an investment fund and various firms involved in digital financial operations, local Profit.ro reported.

The new company targets to enrol over 1,000 retailers and achieve revenues of around EUR 3-4 million. The operator will be controlled by Ostahie with 55% of the shares, the Bulgarian partner having a 30% stake. The rest of the shares will be in the portfolio of Traian Baicu, who will serve as general manager of the new company as well. The services will be provided both online and in physical stores.

"Credex Pay aims for the first year to implement the payment processing solution for 150 retailers and earn about EUR 2 million with a team of 8 employees. The initial investment will be about EUR 1 million. In the medium term, our plan is to exceed 1,000 enrolled retailers and generate revenue of 3-4 million euros annually," Traian Baicu told Profit.ro.

editor@romania-insider.com

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